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WNC Business

Twin Vee PowerCats and Forza X1 to build large-scale electric boat factory

Oct 04, 2022 04:19PM ● By WNC Business

Twin Vee PowerCats, Co. has announced that Forza X1, Inc.,Twin Vee's wholly-owned EV subsidiary, will obtain incentives from the North Carolina Department of Commerce and the McDowell County local government to establish its electric boat manufacturing operations in McDowell County.

Forza X1 expects to invest more than $10.5 million in land, buildings and fixtures, infrastructure, and machinery and equipment by the end of 2025 through the construction and establishment of its new manufacturing plant in McDowell County. Once constructed and after it ramps up production, Forza X1 anticipates creating as many as 170 new jobs.

The North Carolina Department of Commerce’s Community Economic Development Agreement will require that each job created pay a minimum average annual salary of $51,047 which is above the current average wage in McDowell County of $39,071. Using a formula based upon 50 percent of state personal income tax withholdings paid by Forza X1 for net new jobs created at the manufacturing plant, North Carolina's Job Development Investment Grant Program will authorize the potential reimbursement to Forza X1 of up to $1,367,100, spread over 12 years.

Additional incentives include the opportunity to obtain job talent through the state's community college system with training tailored to Forza X1's staffing needs. 

Source: Forza X1 Investor Relations