Forza X1 says ‘substantial progress’ made on factory site clearing, grading

Forza X1 provided an update on the rough grading and clearing that is currently taking place at the future site of its factory in McDowell County, North Carolina. "Thanks to some good weather over the past few weeks, substantial progress has been made. Clearing and grading are going very well, and we’re already looking forward to the next phase of our Forza factory project," says Joseph Visconti, Executive Chairman and Chief of Product Development for Forza X1. In July 2022, the North Carolina Department of Commerce approved a Job Development Investment Grant to incentivize Forza to construct its new manufacturing plant in McDowell County, NC. In addition to the investment grant the Company received to encourage its relocation to North Carolina, the McDowell County government offered to rough grade and clear the Forza factory construction site utilizing a Golden Leaf grant. The job was awarded in Q4 2022, and the clearing and grading to make the property ready for initial construction began shortly after that.Currently, the Company operates out of its 8,800-square-foot industrial space in Old Fort, North Carolina, as well as Twin Vee PowerCats Co.’s factory in Fort Pierce, Florida. "As we continue to extensively test our 25-foot electric-powered FX1 catamaran as well as manufacture and refine our electric motors and control systems, we are working on finalizing the plans for our new factory," explains Visconti. Forza intends to build its factory in various phases, starting with a 60,000-square-foot plant that would have the capacity to manufacture up to 600 boats annually. According to Visconti, the Company is focused on the next step in getting its manufacturing facility built. "I’m excited to say that we have begun receiving bids on the initial phase of our Forza factory. We will also be dialing in the full budget pricing for the project over the next several weeks. We expect to see great progress on our new home in 2023."