Twin Vee sells former Forza X1 site for $4.25m

　　Twin Vee PowerCats has completed the sale of its commercial property in Marion, North Carolina, previously intended for a manufacturing facility for its subsidiary, Forza X1.

　　The $4.25m sale was finalised on 31 October 2025, with the company confirming that the transaction will strengthen its balance sheet. Twin Vee reported that no debt, loans or liabilities were attached to the property.

　　The company completed the merger of Forza X1 into Twin Vee PowerCats in November 2024.

　　Highland Myco Holdings, LLC, a North Carolina limited liability company, purchased the 11.88-acre site at 100 Impact Drive, which includes a partially completed 60,000sq ft building.

　　“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,” says Joseph Visconti, CEO and president of Twin Vee PowerCats Co.

　　The $4.25m total consideration comprises an initial cash payment of $500,000, followed by three instalments: $500,000 plus accrued interest at 5 per cent due on 31 October 2026; $500,000 plus accrued interest on 30 April 2027; and a final payment of $2.75m plus accrued interest on 31 October 2027.

　　Twin Vee PowerCats Co., based in Fort Pierce, Florida, manufactures boats under the Twin Vee and Bahama Boats brands, catering to fishing, cruising and recreational markets. The company has been building and selling boats for 30 years.