Business
Forza X1, Inc. Reports Results for the Year Ended December 31, 2023
FORT PIERCE, FL / ACCESSWIRE / March 26, 2024 / Forza X1, Inc. (Nasdaq:FRZA) ("Forza," the "Company"), a developer of electric sport boats, today reported
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / March 26, 2024 / Forza X1, Inc. (Nasdaq:FRZA) (\"Forza,\" the \"Company\"), a developer of electric sport boats, today reported operational highlights and financial results for the year ended December 31, 2023.Highlights for the Year Ended December 31, 2023:Cash, cash equivalents, and marketable securities were approximately $12,803,000 at December 31, 2023 compared to $12,767,000 at December 31, 2022.Announced Autonomous A.I Technology Partnership to create the world's first autonomously equipped recreational sport boats.Construction of a new 60,000 square foot state-of-the-art manufacturing facility in Marion, North Carolina, is progressing on schedule.\"We aim to be among the first to develop and manufacture electric boats targeting the recreational market,\" said Joseph Visconti, Executive Chairman and Interim Chief Executive Officer of Forza X1, Inc. \"Our mission is to build stylish recreational boats that provide a sustainable alternative to the recreational boating industry and solve fuel availability headaches in select markets. Focused on the creation and implementation of marine electric vehicle (\"EV\") technology to control and power our electric boats, we have designed, built and tested multiple Forza company units, including three offshore-style catamarans, two bay boat-style catamarans, one deck boat, and three 22-foot center or dual console (F22) monohulls.\"\"The marine industry has been slow to adopt electric boating due to several factors that have made sustained progress difficult. \"Elevated interest rates, widespread negative perception about the economy, and the lack of substantial infrastructure for electric boating are just some challenges the industry faces in 2024,\" remarked Visconti.Despite these hurdles, Forza continues to make strides to fulfill its mission. In late 2023 and early 2024, the Company's outboard motor has undergone an extensive redesign. This new design incorporates simplified frame structure that uses stacked custom castings which are sealed for increased durability and corrosion protection. The overall shape of the motor and cowlings have been updated, and the cowlings redesigned to facilitate higher volume manufacturing processes such as thermoform and injection molding. Furthermore, the motor cooling circuits have been re-engineered to optimize cool...