Forza X1 initiates engineering for the equivalent of a 600 HP peak and up to 400 HP continuous electric outboard motor for the Marine Industry
FORT PIERCE, FL / ACCESSWIRE / August 30, 2022 / Forza X1, Inc. (NASDAQ:FRZA) ("Forza", the "Company"), a new developer of electric sport boats with a mission to inspire the adoption of sustainable recreational boating, today announced that its engineering team has begun a project to design a new, larger horsepower outboard motor, targeted to perform up to 400 HP continuous and 600 HP peak equivalents. "This new motor is intended to be an expansion of our product line. A larger electric outboard motor will be able to achieve higher speeds and accommodate the performance requirements for bigger boats," says Joseph Visconti, Executive Chairman and Chief of Product Development for Forza X1, Inc.
"As we get closer to water testing the first FX1 boat in Q4 2022, the Company is beginning to plan for the next stage of its trajectory," explains Visconti. "Based on recent industry sales data, Forza believes there is interest in the marketplace for a larger outboard electric motor capable of bigger things." According to a report released earlier this year by the National Marine Manufacturers' Association, the only outboard engine horsepower segment that saw growth in 2021 sales was the 300 HP and greater segment, posting an increase of 3.1% in sales units compared to 2020. "While the Company is primarily focused on launching the FX1 in the coming months, our engineers have begun applying the experience gained over the past year towards Forza's first planned product expansion."
About Forza X1, Inc.
Forza X1, Inc.'s mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sport boats. We are focused on the creation, implementation and sale of electric boats utilizing our electric vehicle technology to control and power our boats and proprietary outboard electric motor. Our electric boats are being designed as fully integrated electric boats including the hull, outboard motor and control system. For more information, please visit forzax1.com.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding the new motor being an expansion of our product line, the larger electric outboard motor being able to achieve higher speeds and accommodate the performance requirements for bigger boats, and there being interest in the marketplace for a larger outboard electric motor capable of bigger things.
These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to successfully build a larger electric outboard motor and successfully expand our product offerings and market such a product, the duration and scope of the COVID-19 outbreak worldwide, including the impact to supply chains and state and local economies, and the risk factors described in the Company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission and declared effective on August 11, 2022. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
SOURCE: Forza X1, Inc.
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