Forza X1, a fully electric boat developer being spun out of Twin Vee PowerCats, filed on Thursday with the SEC to raise up to $29 million in an initial public offering.
The company states that it aims to be among the first to develop and manufacture fully electric, affordable boats with mass appeal. Forza X1 is focused on the creation and implementation of marine electric vehicle ("EV") technology to control and power its electric boats utilizing a proprietary outboard electric motor. It believes to be one the first companies to design a fully integrated electric boat including the hull, outboard motor and control system for mass production. To date, Forza has designed and manufactured only prototypes of its electric sport boat, has not yet commercialized its boats, and has not sold any boats.
The Ft. Pierce, FL-based company was founded in 2009 and plans to list on the Nasdaq under the symbol FRZA. ThinkEquity is the sole bookrunner on the deal. No pricing terms were disclosed.