The Formula E electric car-racing series has today (Tuesday) unveiled a title sponsorship agreement with Swiss industrial technology company ABB.
The mooted agreement was first reported earlier this week but was confirmed at a launch event in London today. Formula E claims the multi-year deal represents the first time a single-seater category sanctioned by the International Automobile Federation (FIA) has secured a title sponsor. Terms of the contract were not disclosed, but the Reuters news agency said it will run until 2025.
The series will now be known as the ABB FIA Formula E Championship and the two parties said the deal is designed to champion e-mobility for a sustainable future.
ABB offers a full range of charging solutions for electric cars, electric and hybrid buses as well as electrification solutions for ships and railways. ABB entered the EV-charging market in 2010, and today has a global installed base of more than 6,000 fast chargers.
ABB chief executive Ulrich Spiesshofer said: “Today, two pioneers are uniting. ABB and Formula E are a natural fit at the forefront of the latest electrification and digital technologies. Together, we will write the next phase of this exciting sports activity and foster high-performance teams. Together, we will write the future – one electrifying race at a time.”
Alejandro Agag, founder and chief executive of Formula E, added: “Our two companies are synonymous with pushing the boundaries of what is possible. Together, as partners, we will showcase breakthrough technology on a global scale to fans and consumers who follow the ABB FIA Formula E Championship.”
Formula E commenced its fourth season in Hong Kong last month and the 2017-18 campaign will continue with an ePrix in Marrakesh, Morocco on Saturday.