Three years ago, an electric boat manufacturing company announced plans to invest $10.5 million for the construction of a new plant in Marion that would create 170 jobs.
Since then, the company decided to stop manufacturing boats, but said last year it still plans to finish the building, which stands almost complete in McDowell County. McDowell County officials are seeking other tenants for this unfinished structure since the electric boat plant will likely never materialize.
In the summer of 2022, then Gov. Roy Cooper and McDowell County leaders announced that Forza X1 Inc., the builder of a line of electric-powered boats, would build a manufacturing plant on land near the Universal Advanced Manufacturing Center property, which is owned by McDowell County.
Construction moved forward, and the shell of the manufacturing plant was built by the Forza X1 company, which was based in Florida. Then, during the summer of 2024, the company decided to stop production of the electric boats, Joseph Visconti said in a statement from 2024. He is the CEO and chairman of Twin Vee PowerCats, the parent company of Forza X1.
People are also reading…
“In a strategic move to conserve cash due to prevailing market conditions, Forza X1 Inc. has decided to cease the development and sales of its electric boats powered by proprietary technology,†Visconti said in the statement. “The decision, made by the company’s board of directors on July 11, 2024, aims to streamline operations and reduce cash outflows.â€
The company faced financial challenges and had to reduce its workforce, leaving Forza X1 with only five employees, Visconti said last year.
“In other recent news, Forza X1 Inc. announced a strategic shift in response to the decreased demand for marine electric vehicles,†he said in the 2024 statement. “Amid a challenging market, the company continues construction on its North Carolina facility due to pre-existing financial commitments.â€
As of July this year, Forza’s website still has an announcement about the new plant planned for McDowell County along with a YouTube video.
“We are aware that Forza has discontinued the development of electric boats,†County Manager Ashley Wooten said late last year. “We have been given indications that the company will complete the building as a shell while they evaluate whether the facility will be needed for future operations.â€
Even if Forza X1 never uses the site, the county will likely have a new manufacturing building on its property that can be marketed to other prospective companies.
“MEDA (McDowell Economic Development Association) will market the facility to prospective tenants if the company is unable to occupy the building and use it for its intended purpose,†Wooten said in 2024.
The 60,000-square-foot building is now standing empty on privately-owned land next to the Universal site. Chuck Abernathy, executive director of the McDowell Economic Development Association, said Thursday that the building is about 90% complete and he is seeing some interest from other prospective companies if Forza X1 doesn’t use it.
Three years ago, Gov. Roy Cooper and McDowell County officials announced that Forza X1 Inc., the builder of a line of electric-powered boats, would invest $10.5 million to establish a new manufacturing plant in Marion and create 170 jobs.
Abernathy said he stays in touch with representatives of Forza X1 about the situation.
Under the initial agreement with the county, Forza X1 was expected to create a certain number of jobs by 2027, Wooten said.
“The company has until July 1, 2027, to meet the hiring and investment targets set for them,†said Wooten on Thursday. “If the company does not meet the targets by that date, they would owe the county upwards of $220,000. That dollar amount is the difference in the fair market value of the property and the sale price of the property, which was $119,000.â€
