In a groundbreaking move, Saudi Arabia's Public Investment Fund (PIF) has forged a multi-year partnership with Formula E, Extreme E, and powerboat championship E1 Series. This marks a historic collaboration, as PIF becomes the exclusive principal partner for all three electric championships simultaneously.
The comprehensive initiative, aptly named 'Electric 360,' aims to propel the growth of electric motorsport and advance the cause of electric mobility. PIF, already holding 'significant stakes' in Formula E, Extreme E, and E1 Series, sees this collaboration as a pivotal step in the evolution of sustainable transport technology.
The Electric 360 partnership is set to amplify the impact of each series by enhancing Formula E's race-to-road transfer model, enabling Extreme E to pioneer new frontiers, and spearheading E1's revolutionary drive in marine mobility, according to an official statement.
"This one-of-a-kind partnership with PIF is a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology,” expressed Alejandro Agag, founder and chairman of Formula E, Extreme E, and E1. “With so many examples of the positive real-world impact of each series, this 360-partnership takes our potential to the next level."
In an unprecedented move, PIF will now stand as the sole principal partner for all three electric championships, emphasizing its commitment to fostering collaboration, education, and skills development globally. The partnership will bring forth thought leadership events, STEM initiatives aligned with each championship series worldwide, and community apprenticeship programs, all operating under the Electric 360 banner.
To coincide with this monumental announcement, PIF is set to undergo a brand revamp, to be showcased at all PIF partnership events, including Electric 360 events scheduled throughout 2024 and beyond. Mohamed AlSayyad, Head of Corporate Brand at PIF, expressed the transformative potential of Electric 360, stating, “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.”
The Electric 360 partnership signifies a significant stride in the realm of electric motorsport, promising a new era of collaboration, innovation, and sustainable technology, as PIF takes the lead in shaping the future of electric mobility.