Shares of Twin Vee PowerCats (OTCMKTS:TVPC) closed with doubled digit fall, extending its monthly fall to 20%.
Market Action
On Friday, TVPC stock slid 10.01% at $0.1034 with more than 81.95K shares, compared to its average volume of 29.28K shares. The stock has moved within a range of $0.1025 – 0.1200 after opening the trade at $0.1199.
Announces Successful Trial of 28-Foot Electric Boat, Announces New EV Brand ‘Forza X1’
Manufacturer of recreational and commercial power catamaran boats, Twin Vee PowerCats (OTCMKTS:TVPC) on November 5, 2021, announced successful sea trials for the 28-foot electric-powered catamaran.
Joseph C. Visconti, President, and CEO of Twin Vee PowerCats Co, said that the firm’s dedicated design and engineering of its controller would be a game-changer for maximizing battery power as well as run time with marine EV propulsion.
Visconti added that the automotive industry has commercialized electric cars into the mainstream and that its team of engineers and system integrators will be leading the marine industry into safe, reliable as well as affordable electric boats. The company CEO further opined that it will be able to prototype, analyze and ensure propulsion of future EV products.
The marine industry has commenced the adoption of EV technologies. Currently, there are over 12 million passenger EVs on the road. Though electric boats only have 2% of the market in 2020, a report by IDTechEx demonstrates that hybrid and pure electric boats will be surging to more than $20 billion worldwide by 2027.
Twin Vee is moving ahead with newly designed for masses named “Forza X1”, a wholly-owned subsidiary of the company dedicated to designing and manufacturing a completely integrated Tesla-styled electric boat with controls offering versatility on the water. The first production model will be ready in 2022.
Key Quote
“We believe our dedicated design and engineering of our proprietary controller will be a game-changer when it comes to maximizing battery power and run times with marine EV propulsion,” stated Joseph C. Visconti, President and CEO of Twin Vee PowerCats Co.
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