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A Florida manufacturer of electric-powered boats plans to establish a new production facility in western North Carolina, state and company officials announced.
Forza X1 will invest more than $10 million to relocate from Fort Pierce, Florida — home of parent company Twin Vee PowerCats Co. — to the new campus in Marion, North Carolina.
The project is expected to create 170 jobs with an average salary of more than $50,000, although pay will vary by position. The overall payroll impact is expected to exceed $8 million.
Forza is developing recreational boats with a proprietary electric outboard motor — powered by lithium battery backs — integrated within the vessel’s control system. Company officials said the lineup would provide an environmentally friendly boating option at an affordable price.
“Our marine electrification mission is significant and timely, and will thrive in North Carolina’s outstanding business climate,” Forza X1 CEO Joseph Visconti said in a statement.
The state authorized grant funding for the project that could reimburse Forza for more than $1.3 million in taxes over 12 years, provided it meets hiring and capital investment goals. The plant is expected to generate an economic impact of nearly $480 million over that span.
Local governments will also receive some $150,000 to assist with infrastructure investment related to the project under a state program to promote rural economic development.
Image Credit: Forza X1