Saudi Arabia’s Public Investment Fund has announced a new partnership covering a trio of top-tier all-electric racing series.
The multi-year deal sees the PIF become the only body to sponsor the Formula E single-seater motor racing series, the Extreme E off-road racing series, and the E1 electric race-boat series simultaneously.
The three racing series and the PIF have formed a partnership, known as Electric 360 (E360), with the aims of promoting the electric vehicle transition, sustainability goals, and all-electric racing.
Revamped PIF branding will be present at all events from the three series’ through the multi-year tie-up, with the brands set to collaborate on science and technology initiatives centered around E360 events throughout the year.
Mohamed AlSayyad, PIF head of corporate brand, stated: “Together with these championship series, Electric 360 will redefine electric sport and supercharge its growth, delivering tangible impact aligned with our broader business strategy as PIF drives new green technological innovation that will be the cornerstone of future electric mobility.”
Alejandro Agag, chairman of Formula E, Extreme E, and E1, added: “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.”
The PIF has not revealed the length of the deal, but the “multi-year” nature of the tie-up means it will likely continue past the end of the 2024 season, when Extreme E is set to discontinue and shift to include hydrogen-based competition Extreme H, instead.
The Extreme E series had previously said Extreme E and Extreme H would co-exist, but utility manager Andy Welch instead confirmed that the championship, which began in 2021, would end in its current form, with the sole focus set to Extreme H.
It was also said that Extreme E could make a comeback if deemed financially viable, something that may be more likely if the PIF provides financial backing, but it is unknown how much PIF is putting into the series’ through the E360 partnership.