Formula E Buys Stake in All-Electric Off-Road Racing Series
Formula E has announced that it has become a minority shareholder of Extreme E – the new off-road motorsport which will see electric SUVs competing in remote ecosystems around the world.
United in their founding purpose to counteract climate change by accelerating the adoption of electric vehicles, Formula E and Extreme E have a natural strategic alliance that has been formalized by Formula E’s investment, the series said.
The partnership demonstrates an extension of Formula E’s commitment to developing electric vehicles and sustainable mobility technologies, including now through Extreme E, which is set to trial electric SUVs in some of the most testing off-road conditions in the world.
Both series are all-electric motorsports, with Formula E operating the open-wheel single-seater FIA world championship competing in international city centers, while Extreme E is a rally-raid showcasing the abilities of electric SUVs against the backdrop of remote ecosystems.
With Formula E’s minority investment comes a seat on the Extreme E Board of Directors which will be held by Formula E CEO Jamie Reigle. While the two businesses remain independent, the close collaboration of their leadership will allow a truly strategic partnership, as Extreme E CEO and Formula E Founder Alejandro Agag also retains the role of Formula E Chairman, the series said.
The 2020/21 ABB FIA Formula E World Championship begins in Santiago on Jan. 16 and 17, 2021 just before the start of Extreme E’s first season, which kicks-off in Saudi Arabia on March 21.
