Business
Twin Vee PowerCats Wholly Owned Subsidiary Forza X1 and American Battery Solutions Sign a 5-year Agreement to Supply Forza X1’s New Electric Boats with High-Powered, Lithium-ion Battery Packs
FORT PIERCE, FL / ACCESSWIRE / January 10, 2022 / Twin Vee PowerCats, Co. (NASDAQ:VEEE) ("Twin Vee" or the "Company"), announced that Forza X1, Inc. ("Forza
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / January 10, 2022 / Twin Vee PowerCats, Co. (NASDAQ:VEEE) (\"Twin Vee\" or the \"Company\"), announced that Forza X1, Inc. (\"Forza X1\"), the Company's wholly-owned EV subsidiary, has signed a five-year supply agreement with Michigan-based company American Battery Solutions (\"ABS\") for production-grade, 52 kWh, high-powered lithium-ion batteries that will be used to power Forza X1's electric boats. ABS is a team of battery system experts with decades of experience in designing, developing, and manufacturing advanced battery systems for the transportation industry, with OEM customers across the commercial and industrial segments. Initial delivery of the first set of lithium-ion battery systems is expected in late Q2 2022.Forza X1 has chosen the ABS Proliance Intelligence Battery Series™ T350-50 battery pack, a highly flexible and modular battery that can be scaled in series or in parallel. These batteries will integrate the next generation of battery technologies, with highly efficient thermal management systems, next-generation battery management systems, and some of the highest volumetric and gravimetric pack energy densities on the market that can interface with CCS fast chargers. The battery packs are based on the world-class 2170 cylindrical cells and have the highest energy density solution in the market with approximately 200 Wh/kg. The Proliance T350-50 also allows for advanced monitoring and diagnostic reporting. Additionally, there is a highly efficient, liquid-cooled thermal management system and the sealed enclosures are IP65, which eliminates the potential for debris and weather to get inside the battery pack.\"We are excited to reach this agreement with ABS, who has over forty years of expertise in high voltage battery production,\" says Joseph Visconti, CEO of Twin Vee. \"This supply agreement catapults Forza X1 in front of other marine manufacturers attempting to build and market an electric boat. Because battery supplies remain a roadblock and bottleneck across the entire EV industry, we are not aware of any other electric boat manufacture that has contractually secured access to production level high-powered and high-capacity lithium-ion battery systems for its electric boats.\"Ivan Menjak, ABS' Vice President of Business Development says, \"We are pleased to be selected and part...