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Official Press Release: FORT PIERCE, FL June 14, 2023 — Forza X1, Inc. (Nasdaq: FRZA), a developer of electric sport boats aimed at promoting sustainable recreational boating, announced today that it is hosting an invitational event at The Ben Hotel in West Palm Beach on July 8 to offer sea trials, interactive experiences of the technology and presentations by its leading technology innovators.
The Forza F-22 Center Console will be the center of attention at the event, the culmination of approximately three years of development of its own hull, motor, propulsion and battery systems. The Company's 50,000 square foot factory, currently under construction in Marion County, North Carolina, is expected to be able to produce 600 units per year.
The Company opted to create a monohull to meet its goal of creating the ultimate family cruising and fishing boat. “The Forza F-22 is designed and built from the ground up, to meet the needs and wants of today’s boater—an affordable boat that is easy to operate and maintain, with no fuel costs or fumes,” says Jim Leffew, CEO and President of Forza X1, Inc. “We have fully-integrated this boat from its construction and battery system to its motor and propulsion to make day-boating peaceful, simple and fun for the whole family.” The Company recently announced that it received an initial purchase order from OneWater Marine, Inc. indicating its intent to purchase 100 of the 22’ foot boats that will be available in center and dual consoles, that could equate to approximately $12 million in revenue.
Leffew had a long boat building career with Maverick Boats and was courted for months by Forza X1’s Executive Chairman and Chief of Product Development, Joseph Visconti, to take the helm of Forza. “I was skeptical at first, being an internal combustion guy,” laughs Leffew, “But when I saw the potential, I jumped in!”
Adding his construction expertise, Leffew began changing the laminate schedule and core fibers to accommodate the weight of the lithium-ion batteries. The boat has been completed in-house with Forza’s own designed and built motor, cowling and a marine battery program devised with American Battery Solutions. With a battery management system tied to a phone app, in partnership with Osmosis, the boat’s batteries can be monitored and managed through the app, available on iOS or Android platforms. Osmosis will also provide telematic monitoring of the Forza fleet.
The electric motors have also gone through various modifications to the existing IM 225 developed with Cascadia Motion that offers a more compact outboard architecture, operating vertically, as opposed to most that operate horizontally. This configuration also includes a compact inverter to convert AC and DC power between the batteries and motor, and enables the Company to stack the motors, creating a single stack 180 HP version that runs on two batteries, as well as a double stack 300 HP model that uses four batteries. Forza is developing its own lower unit and trim, sizing the liquid-cooled drive train and mechanical components for the highest horsepower to optimize customers’ need for intermittent peak performance and range. The captain and passengers can enjoy the thrill of intermittent spikes of peak performance of up to 40 mph but likewise can enjoy a 4-5-hour cruise or fishing trip at speeds of 20-30 mph.
The boat is constructed using strong, top-quality composites, resins and carbon fiber on a stringer system to support the batteries creating the proper center of gravity. Construction finishes include gelcoat, non-skid Grip-Tech flooring, molded fiberglass hatches for the bilge and all storage including the insulated bow, anchor and underdeck floor storage.
The F-22 is capable of cruising or fishing, with a 26-gallon live well and 36-quart molded console cooler and anodized aluminum leaning post with upholstered white cushioned, two-person seating. The boat has both cup holders and rod holders, including a rocket launcher on the canvas T-top. Upholstered forward facing bow lounges and a console bench, all with storage beneath, provide added creature comforts. A transom ladder provides water access and a fold-down aft deck bench adds extra seating. The 16” draft makes the boat ideal for sandbars and beaches while the 8’ 6” beam provides room to move around the 22’ hull.
At the helm, behind a single piece acrylic windshield, is a digitally controlled throttle, JL Audio sound system controls and a 22” motor interface, developed with Garmin using touch screen controls. The system includes motor performance, battery levels, breadcrumbs, geopositioning, autopilot and a telematics portal.
“Research shows that most boaters travel nine miles or less as they go to the sandbar or restaurant hopping,” says Visconti. “We have created the ideal day boat, at an achievable entry-level price that also respects the environment and saves fuel costs.” The base price for the boat is estimated at $120,000.
According to Visconti, “The mission of FORZA X1 is simple--to inspire the adaptation of electric-powered boats worldwide by creating stylish and affordable electric boats…marine electrification is the future of recreational boating…”
About Forza X1, Inc.
Forza X1, Inc.'s mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sport boats. The Company is focused on the creation, implementation and sale of electric boats utilizing its electric vehicle technology to control and power its boats and proprietary outboard electric motor. The Company’s electric boats are being designed as fully integrated electric boats including the hull, outboard motor and control system. For more information, please visit forzax1.com.
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Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and include statements regarding the Company's 50,000 square foot factory, currently under construction in Marion County, North Carolina, being able to produce 600 units per year, the Company creating the ultimate family cruising and fishing boat, the base price for the boat being at $120,000 and OneWater Marine’s intention to purchase 100 of the 22’ foot boats that will be available in center and dual consoles, that could equate to approximately $12 million in revenue.
These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the ability of the Company’s factory to produce 600 units per year, the Company’s ability to create the ultimate family cruising and fishing boat at the anticipated base price, the Company’s ability to fulfill the conditions of the purchase order from OneWater Marine including the boats being satisfactory to OneWater, the Company’s ability to generate the anticipated revenue from OneWater Marine, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, the Company’s Quarterly Reports on Form 10-Q, the Company’s Current Reports on Form 8-K and subsequent filings with the SEC.
The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
Contact:
Kasandra Barrow
barrow.km@gmail.com - (269) 832-6317
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