Forza X1 plans Marion, NC, manufacturing complex

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Forza X1, Inc., the builder of an innovative line of electric boats, will establish a new manufacturing facility in Marion, North Carolina. The $10.5 million project is expected to create 170 jobs in McDowell County.

The company plans to offer a combined boat and motor package, with lithium battery packs, which will allow families and water sports enthusiasts to have an enjoyable time at an affordable price, while preserving the ecological balance of the planet.

“Forza X1 is thrilled and honored to relocate our state-of-the-art manufacturing and product development operations to McDowell County. Our marine electrification mission is important and timely and will thrive in North Carolina’s exceptional business climate,” said Joseph Visconti, CEO of Forza X1, “The people of McDowell County and the state have been very supportive and great to work with. We can’t wait to begin building our state-of-the-art manufacturing facility.” and hire exceptional local talent.”

The project will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the State Economic Investment Committee. Over a 12-year period, the project is estimated to grow the state’s economy by $479.1 million.

According to a formula taking into account the new tax revenues generated by the new jobs, the agreement authorizes the potential reimbursement to the company of a maximum of $1,367,100, spread over 12 years. Payments for all JDIGs only occur after performance verification by the Departments of Commerce and Revenue that the company has met its additional job creation and investment goals. JDIG projects result in positive net tax revenue for the public purse, even after taking into consideration subsidy repayment payments to a given company.

Because Forza X1 chose a site in McDowell County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also provides for the transfer of $151,900 into the Industrial Development Fund. of the State – Utility account. The Utilities Account helps rural communities across the state fund infrastructure upgrades needed to attract future business.

“Innovative companies like Forza X1 expect to see innovation from the shopping sites they select,” said North Carolina Commerce Secretary Machelle Baker Sanders. “I’m thrilled that the innovative workforce strategies in our First in Talent strategic plan are delivering results and maintaining status ahead of our competitors.

Forza X1 and its parent company Twin Vee PowerCats Co. are independent marine product manufacturers headquartered in Fort Pierce, Florida. The company is developing an innovative range of environmentally friendly recreational boats powered by a proprietary electric outboard motor designed and integrated into the company’s control system.

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