Forza X1 and OneWater Marine Announce Strategic Partnership

Forza X1 enters into distribution agreement with OneWater to support the mission of sustainable recreational boating through the adoption of electric boats

FORT PIERCE, FL / ACCESSWIRE / August 18, 2022 / Forza X1, Inc. (Nasdaq: FRZA) ("Forza", the "Company"), and OneWater Marine Inc. (Nasdaq: ONEW)("OneWater") today announced that the Companies have entered into a strategic partnership in which Forza and OneWater will partner to create a distribution channel for the Company's integrated electric sports boats.

Forza, through its planned direct-to-consumer, all-digital sales platform, is advancing the adoption of sustainable recreational boating. The Company has assembled an industry leading team of engineers and boat builders that are singularly focused on leading marine electrification by manufacturing and selling a recreational electric boat without compromising performance, speed or comfort. Its initial dual console and center console 24-foot FX1 boats have been designed, powered, appointed, and priced to target the largest segment of the recreational day boat market, which is 22' to 25'.

"The Forza team is on the cutting edge of next-generation marine technology with their portfolio of innovative electric boat models. We are very proud to partner with the team on the frontier of marine electrification," said Austin Singleton, Chief Executive Officer for OneWater Marine. "Our loyal and growing customer base places a high value on innovation and this partnership with Forza offers an exciting addition to our broad product portfolio for our customers."

Under the terms of the agreement, OneWater and Forza X1 will provide customers with a multi-channel option to design, order, finance, and track their Forza X1 boat purchase, either through Forza's web and app platform or OneWater's kiosks at its 96 retail locations. For customers who desire a more traditional boat buying experience, they will have the ability to engage one-on-one with sales representatives, experience test rides and pursue trade-in opportunities, which stands to benefit OneWater's pre-owned boat inventory.

"OneWater is a marine industry powerhouse with a proven history of aggressive growth and strong execution, and this partnership provides us with a tremendous advantage as a young company. Their significant scale and best-in-class sales team complement our digital go-to-market strategy, enabling us to further our reach, sell more boats and engage more customers," said Jim Leffew, President and Chief Executive Officer of Forza X1.