Formula E lands title sponsor – report

The Formula E electric car-racing series has reportedly signed a title sponsorship agreement with Swiss industrial technology company ABB, while Swiss private banking group Julius Baer has been unveiled as the naming-rights sponsor of the inaugural Zurich ePrix.

According to UK broadcaster Sky News, Formula E’s agreement with ABB will be confirmed this week ahead of the event in Marrakesh, Morocco at the weekend.

Sky News, citing an analyst familiar with the deal, said the agreement could be worth up to $15m (€12.5m) per year.

Meanwhile, Julius Baer, an existing global partner of Formula E, has extended its backing of the sport to cover the series’ first Swiss event. The event will be held on June 10 and will be officially known as the Julius Baer Zurich E-Prix.

Julius Baer is headquartered in Zurich and has been a Formula E partner since the series’ inception in 2014.

Alejandro Agag, founder and chief executive of Formula E, said: “Since even before the first race in 2014, our global partner has believed in the concept of electric street racing and has been instrumental in making the championship what it is today. 

“Formula E makes history at every race, but on June 10, Formula E becomes the first category to bring back professional circuit racing to Switzerland – none of this would have been possible without Julius Baer and the vision of electric racing.”