We are excited to occupy this new space as it will allow us to focus on the prototyping and testing phase of our electric boat development and help us accommodate the growth we anticipate seeing.
While we are working in Old Fort, the Company will be finalizing plans on its new factory. We currently intend to build our new facility over time in various phases, starting with an initial 60,000 square foot plant that would have a capacity of up to 600 boats annually. When all phases are completed, we expect the manufacturing facility could be as large as 100,000 square feet with production capabilities for up to 1,000 boats annually. The next step in the process is clearing and grading the site to make it ready for initial construction.
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