Saudi Arabia’s Public Investment Fund (PIF) announced a multi-year partnership with Formula E as well as also teaming up with Extreme E and E1 powerboat racing in an aim to ‘supercharge’ the growth of electric motorsport globally.
It said the Electric 360 partnership would also drive technological innovation and advance the future of electric mobility.
Saudi Arabia is the world’s largest oil exporter but wants to become a leading provider of all kinds of energy with a transition plan that includes renewables, green hydrogen production and carbon capture technologies.
“It’s one more push of PIF into the world of sports and for electric motorsports, it’s fantastic to have them supporting all three championships,” said Alejandro Agag, founder of the three series.
“This one-of-a-kind partnership with PIF is a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology.
“With so many examples of the positive real-world impact of each series, this 360-partnership takes our potential to the next level. PIF will not only play a strategic role in helping us leverage our unique technological platforms, but also foster global collaboration, education and skills development for the next generation worldwide.”