Twin Vee PowerCats has closed the sale of its commercial property in Marion, North Carolina, for $4.25 million.
The site was previously intended for the construction of a manufacturing facility for Twin Vee’s subsidiary and developer of electric sports boats, Forza X1.
The sale price will positively affect Twin Vee’s balance sheet, as Twin Vee carried no debt, bank loans or any other current liabilities against the property.
The site, purchased by Forza in 2023, encompasses nearly 12 acres and includes a partially completed building of 60,000sqft.
Terms of sale
The concrete was poured for the floor of the building in early 2024 with construction scheduled for later that year.
The building was designed to have been capable of initially producing up to 550 boats annually using the latest in closed-molded composite boat building technologies.
“The sale of our Marion, North Carolina, property allows us to streamline our capital allocation and further focus and invest in our core business operations and development pipeline,” explained Joseph Visconti, CEO and president of Twin Vee PowerCats.
Terms of sale
The terms of the sale, to Highland Myco Holdings, a North Carolina limited company, include a cash closing payment of $500,000, with an additional $3,750,000 payable in installments until 2027, plus accrued interest.
Twin Vee manufactures, distributes, and markets power sport boats.
Twin Vee and Forza merged in 2024, with the merged company operating under Twin Vee PowerCats Co name and Forza discontinuing its operations.
