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Formula E takes shape

NEWS STORY
27/08/2012

The FIA has reached an agreement to licence the commercial rights of its FIA Formula E Championship, a series featuring Formula cars powered exclusively by electric energy, to a Consortium of international investors.

Featuring specifically-designed zero-emission cars, it is intended that Formula E represents a sustainable vision for the future of the automotive industry over the coming decades.

The new promoter, the consortium Formula E Holdings Ltd (FEH) has as anchor investor London based entrepreneur Enrique Banuelos. Former MEP and GP2 team owner Alejandro Agag, who, with his long experience in the motor sport business, will be the CEO of FEH, as well as shareholder of the company.

Also associated with the project are Lord Drayson, Managing Partner of Drayson Racing Technologies, and Eric Barbaroux, Chairman of the French electric automotive company 'Electric Formula'.

Drayson Racing Technologies will act as Scientific Advisor to FEH, advising on all matters relating to the scientific positioning of the new championship.

As Scientific Advisor, DRT's role will be to develop the championship's science and technology policies, adhering to internationally-recognised standards, while working alongside the appropriate governmental and non-governmental agencies and the scientific community. DRT will develop such policies, commencing with the launch of the Championship's Manifesto for Sustainability in the coming weeks.

"I would like to thank all the parties involved," said Todt. "This new competition at the heart of major cities is certain to attract a new audience. We are pleased with this agreement with Formula E Holdings as they bring a very strong experience in motor sport. This spectacular series will offer both entertainment and a new opportunity to share the FIA values and objectives of clean energy, mobility and sustainability with a wider and younger audience as well."

"As a pioneer in electric motorsport, we believe that Formula E can become the world's first truly sustainable global racing championship," said Lord Paul Drayson, "encouraging R&D, driving scientific innovation and promoting the adoption of zero-emission electric vehicles to improve air quality in our cities. We are delighted to be working with the team at FEH to realise the full potential of this pivotal new project."

"We are very pleased that Lord Drayson and his team are working with us as we prepare the organisation of the new championship," added Alejandro Agag, CEO of FEH. "We are committed to delivering a zero carbon racing series that is both sustainable and exciting. Drayson Racing Technologies will provide the expertise to ensure our policies are based on sound scientific data and adhere to internationally-recognised standards."

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