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Forza X1 Developing New Electric Pontoon Boat Model

06 October 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 it is designing the FX3, an electric pontoon boat to add to its model lineup.

GreenStockNewsAn early concept rendering of Forza's electric pontoon boat

Forza has engaged Matthew Blew of Blew Hatch Labs, an industry professional who has designed pontoon boats for several of the leading pontoon manufacturers, to assist Forza's engineers with Forza's modern electric take on the popular pontoon boat. Mr. Blew is a product designer experienced in marine design and holds a bachelor's degree in Fine Arts from Savannah College of Art and Design. "We're excited to be working with Matthew to introduce an electric pontoon to our model lineup. This boat helps advance our mission to manufacture products that promote environmental sustainability and allow for a much more serene and enjoyable time on the water," says Joseph Visconti, Executive Chairman and Chief of Product Development of Forza.

According to a Q4 2021 study by Stratview Research, pontoons represented approximately 20% of the recreational boating market in the U.S. The pontoon boat market is expected to surpass $4 billion by 2028, up from $2.1 billion in 2021. Additionally, new pontoon retail sales in Q1 2022 were 49% above pre-pandemic Q1 2019 sales, according to the National Marine Manufacturers Association. "Because pontoon boats are so versatile they remain a popular choice among consumers, and entering this segment represents a huge revenue opportunity for Forza," remarks Visconti. "While fishing is the top activity done on any boat, family-based water recreation represents the largest category of growth for boat sales and rentals across the fishing, touring, and day-cruising markets."

The Company plans to utilize the fiberglass hull platform from its FX1 electric boat models for its FX3 pontoon boat. "The FX1 hull was engineered and designed to lend itself as a multiple use platform," explains Jim Leffew, CEO and President of Forza. "Due to the integrated engineering of our FX1 hull, we can design the pontoon boat from the deck up, allowing us to store the two batteries in each hull." According to Leffew, much of the work around the center of gravity, electrical system, controller, wire harness, battery access panels, and 22-inch Garmin screen will remain the same. "We believe our fiberglass pontoon boat will better serve the market due to the material strength of fiberglass compared to aluminum tubes that pontoon boats have traditionally used in the past."

Forza anticipates that its electric FX3 pontoon boat will allow it to cater to a broader spectrum of customers in the recreational marine industry. "When Matthew and our engineers launch this new boat, Forza will be able to offer an ideal product for boaters in places like the Great Lakes Region, the Ozarks, Lake Tahoe, and Thousand Islands, to name a few. We believe the FX3 will make marine electrification more accessible than ever before."

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.

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 demand for electric pontoon boats, the size of the pontoon boat market and Forza's ability to successfully generate revenue from selling elective pontoon boats. 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 demand for electric pontoon boats, the size of the pontoon boat market and Forza's ability to successfully generate revenue from selling elective pontoon boats, 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, 2022 filed with the Securities and Exchange Commission. 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.

Contact:
Glenn Sonoda
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