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Lafayette St. Shelby, NC Across From First Baptist Church www.witherspooninsurance.com Gov. Cooper announces electric-powered boat manufacturer in McDowell County Forza X1, Inc., the builder of an innovative line of electric-powered boats, will invest $10.5 million to establish a new manufacturing plant in Mc- Dowell County, Governor Roy Cooper announced today. The company will create 170 jobs in Marion. "The strong momentum for our emphasis on the clean energy economy is putting money in the pock- ets of every day North Carolinians in both urban and rural areas like Mc- Dowell County." said Gov- ernor Cooper. "While the number of electric cars is rapidly expanding, so will electric boats made by Forza X1 right here in our state." Forza X1 and its par- ent company Twin Vee PowerCats Co. are inde- pendent marine manu- facturers headquartered in Fort Pierce, Florida. Forza X1 is developing an innovative line of rec- reational boats that will be environmentally friendly and powered by a pro- prietary electric outboard motor designed and inte- grated with the company's own control system. The company plans to offer a combined boat and motor package, featuring lithium battery packs, which will provide families and water recreation enthusiasts an enjoyable time for an af- fordable price, while pre- serving ecological balance for the planet. "Forza X1 is thrilled and honored to relocate our cutting-edge manu- facturing and product de- velopment operation to McDowell County. Our marine electrification mis- sion is significant and timely and will thrive in North Carolina's outstand- ing business climate," said Joseph Visconti, CEO of Forza X1. "The people of McDowell County and the state have been very sup- portive and wonderful to work with. We are look- ing forward to breaking ground on our state of the art manufacturing facility and hiring some outstand- ing local talent." Although wages for the new jobs will vary depend- ing on position, the aver- age salary will be $51,047, above the current average wage in McDowell County of $39,071. The state and local area will see an addi- tional impact of more than $8 million each year from the new payroll. "Innovative companies like Forza X1 expect to see innovation from the business locations they select," said North Caro- lina Commerce Secretary Machelle Baker Sanders. "I'm pleased that the in- novative workforce strate- gies in our First in Talent strategic plan are getting results and keeping the state ahead of our com- petitors." Forza X1's project in North Carolina will be fa- cilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today. Over the course of 12 years, the project is estimated to grow the state's economy by $479.1 million. Using a formula that considers the new tax revenues gener- ated by the new jobs, the agreement authorizes the potential reimbursement to the company of up to $1,367,100, spread over 12 years. Payments for all JDIGs only occur follow- ing performance verifica- tion by the departments of Commerce and Revenue that the company has met its incremental job cre- ation and investment tar- gets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consid- eration the grant's reim- bursement payments to a given company. Because Forza X1 chose a site in McDowell County, classified by the state's economic tier sys- tem as Tier 2, the compa- ny's JDIG agreement also calls for moving $151,900 into the state's Industrial Development Fund – Util- ity Account. The Utility Account helps rural com- munities across the state finance necessary infra- structure upgrades to at- tract future business. "Forza X1, Inc. is bring- ing an especially unique and timely product to the market," said N.C. Sena- tor Ralph Hise. "Congratu- lations to this impressive and innovative company for expanding economic opportunity and jobs, in choosing to locate their new boat manufactur- ing facility in McDowell County and Marion." "Marion and McDowell County welcomes Forza X1 to our community. We are excited about their in- vestment and commitment to new jobs and invest- ment for our community," said N.C. Representative Dudley Greene. "I think the strong workforce and sense of community co- operation we offer here will work together to make sure Forza X1 enjoys much success in North Carolina." In addition to the North Carolina Department of Commerce and the Eco- nomic Development Part- nership of N.C., other key partners on this project were the North Carolina General Assembly, the North Carolina Commu- nity College System, the GoldenLEAF Foundation, the Appalachian Regional Commission, Duke En- ergy, Dominion Energy, McDowell County, the City of Marion, and the McDowell Economic De- velopment Association.