Forza X1 Plans Marion, North Carolina, Manufacturing Complex
The company plans to offer a combined boat and motor package, featuring lithium battery packs, that will provide families and water recreation enthusiasts an enjoyable time for an affordable price, while preserving ecological balance for the planet.
“Forza X1 is thrilled and honored to relocate our cutting-edge manufacturing and product development operation to McDowell County. Our marine electrification mission is significant and timely and will thrive in North Carolina's outstanding business climate," said Joseph Visconti, CEO of Forza X1. "The people of McDowell County and the state have been very supportive and wonderful to work with. We are looking forward to breaking ground on our state of the art manufacturing facility and hiring some outstanding local talent."
The project will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of 12 years, the project is estimated to grow the state’s economy by $479.1 million.
Using a formula that takes into account the new tax revenues generated by the new jobs, the agreement authorizes the potential reimbursement to the company of up to $1,367,100, spread over 12 years. Payments for all JDIGs only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement 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 calls for moving $151,900 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities across the state finance necessary infrastructure upgrades to attract future business.
"Innovative companies like Forza X1 expect to see innovation from the business locations they select,” said North Carolina Commerce Secretary Machelle Baker Sanders. “I’m pleased that the innovative workforce strategies in our First in Talent strategic plan are getting results and keeping the state ahead of our competitors.”
Forza X1 and its parent company Twin Vee PowerCats Co. are independent marine manufacturers headquartered in Fort Pierce, Florida. The company is developing an innovative line of recreational boats that will be environmentally friendly and powered by a proprietary electric outboard motor designed and integrated with the company’s own control system.
2022 Top States for Doing Business Provide an Environment for Business Growth
36th Annual Corporate Survey: Executives Focus on Labor, Energy, Shipping Costs
Location Factors in the EV Industry — “Mission Critical” or “Nice to Have”?
2022 Auto/Aero Site Guide
Fixing the Supply Chain with AI and Robotics
Three Big Challenges Facing the Food & Beverage Industry
How Are Economic Developers Partnering to Solve Workforce Challenges?
The Form and Substance of Business Incentives