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Twin Vee successfully sea trials a 28-foot electric boat and introduces the ‘Forza X1’ eEV brand.

Twin Vee PowerCats

Twin Vee PowerCats (NASDAQ:VEEE), a manufacturer of leisure and commercial power catamaran boats, announced today that their 28-foot electric-powered catamaran has successfully completed sea trials (280 Electric Video). “We believe our proprietary controller’s devoted design and engineering will be a game-changer when it comes to maximising battery power and run periods with marine EV propulsion,” said Twin Vee PowerCats Co. President and CEO Joseph C. Visconti. “Now that the automobile sector has marketed electric cars as everyday drivers for customers, it’s time for the marine industry to follow suit.”

Our united team of designers, engineers, and system integrators is confident that they will lead the maritime industry in the transition to economical, user-friendly, safe, reliable, and well-designed electric boats. Several EV firms are developing cool-looking electric boats, but our goal remains to produce an inexpensive electric boat for the majority, not the few. Our Twin Vee engineering team will take the data collected from the 280 E testing and use it to create, analyse, and perfect the propulsion and control systems of our future EV products.”

The marine sector is beginning to adopt EV technology as a result of consumer sales of electric vehicles (EV) in recent years. There are presently 12 million passenger electric vehicles on the road, and electric-powered boats are set to follow. While electric boats only accounted for roughly 2% of the industry in 2020, according to IDTechEx, the market for hybrid and pure electric boats is expected to grow fast to over $20 billion by 2027. To sell their electric boats, boat manufacturers are also seeking to innovate in the EV space.

Despite existing supply chain constraints, Twin Vee is pressing on with the “Forza X1,” an all-new, built-from-the-ground-up electric boat for the public. Forza X1, Inc., according to Visconti, is a wholly owned subsidiary of Twin Vee dedicated to building and producing a fully integrated Tesla-styled electric boat with simple controls that would provide boaters with versatility on the water at an accessible price.

Twin Vee took the strategic financial choice to split out its Twin Vee Electric development and rebrand it Forza X1 in order to focus on addressing the enormous demand for its Twin Vee PowerCats gas-powered boats. “‘Forza’ is an Italian word that means ‘power’ or’strength.’ The X1 element of the new name is a reference to Chuck Yeager’s Bell X-1, a rocket-powered aircraft. It was the world’s first crewed aircraft to break the sound barrier “Visconti reveals. “The name ‘Forza X1′ best represents our mission to design and manufacture a well-crafted electric boat that will be on the leading edge of innovation like its namesake.”

All of the design, engineering, testing, and prototyping work done on Twin Vee’s 240 Electric and 280 Electric models will be used in Forza X1.

“Forza X1’s objective is to follow in the footsteps of Tesla’s business model by focusing solely on a fully integrated electric boat with propulsion and boat control technoloy created, produced, and transported from our factory,” says Visconti. “Forza X1 plans to operate in a fundamentally different method and structure than traditional boat manufacturers by owning and controlling its sales and service network in addition to designing and manufacturing boats,” he stated.

Forza X1 is building its first electric boat model using the information and technology it developed and prototyped under Twin Vee Electric. “This will be our first product for the market, demonstrating our expertise in electric vehicle innovation and exhibiting our engineers’ technology,” says Visconti. “At the moment, our team consists of three highly trained experts in their respective specialties. Dan Norton, who oversees our engineering team, has worked in the technical design engineering field for many firms for over 20 years.

Jean-Marc Zanni focuses on fluid dynamics and marine engineering and excels in integrating solutions for marine and industrial automation projects. Our electrical engineer, Chandan R. Chittimalle, has created battery charging control systems in the past. We also want to enlist the assistance of Morrelli & Melvin Design & Engineering, Inc. in the design of our first boat. They have a proven track record of designing multi-hulls and mono-hulls that are inventive, sound, safe, energy-efficient, enjoyable, and fast.” Forza X1 intends to combine a market-leading range on a single charge with a stylish boat, plush inside, auto-pilot performance, and zero motor emissions.” We’re building our Forza X1 boats to be easy to operate. “We are designing our Forza X1 boats to operate with a proprietary electric powertrain that incorporates four key components-an advanced battery pack, power electronics module, high-efficiency motor, and extensive control software.”

In 2022, the final production model of Forza X1’s first electric boat will be available for order. Forza X1 and the boats it will offer, according to Visconti, will appeal to a new group of customers who identify with Teslas and other electric vehicles. “We want to broaden our brand’s appeal to clients who aren’t currently served by traditional-powered boats. Furthermore, we intend to promote our electric boat models to a younger client population that values environmental sustainability and net-zero emissions, demonstrating that we are responsible stewards of the marine sector.”

Twin Vee PowerCats Co. is a company founded by Twin Vee.

Twin Vee is a leisure and commercial power catamaran boat designer and manufacturer. Since its inception in 1996, the company has been a leader in the catamaran sport boat market, producing and shipping over 7000 Twin Vees around the world. Visit https://twinvee.com/ for more information. Twin Vee is renowned as the “Best Riding Boats on the WaterTM” and is one of the most recognisable brand names in the power catamaran sector.

Forward-Looking Statements

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 dedicated design and engineering of our proprietary controller being a game-changer when it comes to maximizing battery power and run times with marine EV propulsion, Twin Vee’s assembled team of designers, engineers, and system integrators leading the marine industry transition into affordable, user-friendly, safe, reliable, and well-designed electric boats, hiring Morrelli & Melvin Design & Engineering, Inc. to help design our first boat, plans to combine a market-leading range on a single charge with an attractive boat, comfortable interior, auto-pilot performance, and zero motor emissions, final production model Forza X1’s first electric boat being ready for purchase in 2022, the Forza X1 brand and boats offered attracting a new demographic of customers who identify with Teslas and other electric vehicles, expanding the reach of our brand to customers we don’t currently service with traditionally-powered boats, introducing a younger customer demographic who prioritizes environmental sustainability and net-zero emissions to our Twin Vee Electric boat models and demonstrating that we are purposeful stewards of the marine industry. 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, the Company’s ability to design and engineer a proprietary controller that maximizes battery power and run times with marine EV propulsion, the Company’s ability to lead the marine industry transition into affordable, user-friendly, safe, reliable, and well-designed electric boats, the Company’s ability to combine a market-leading range on a single charge with an attractive boat, comfortable interior, auto-pilot performance, and zero motor emissions, the Company’s ability to complete final production for Forza X1’s first electric boat in 2022, the Company’s ability to attract a new demographic of customers and demonstrate that it is purposeful stewards of the marine industry, the Company’s ability to bring new boat models to market and add new dealers to its network as planned, 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. 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.

Editor’s note: This article originally appeared on gurufocus

 

 



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