PIF Creates New Electric 360 Partnership with Formula E, Extreme E and E1 Powerboat Racing to Support the Growth of Electric Motor Sports Globally
- New partnership to support the growth of electric motorsports; bringing together Formula E auto racing, Extreme E off-road SUV racing, and the newly established world’s first and only all-electric E1 powerboat racing series
- Groundbreaking multi-year partnership will help drive technological innovation and sustainable technology education in electric motorsports
- PIF announces launch of new brand refresh
LONDON, Monday, January 22, 2024 – The Public Investment Fund (PIF) today unveiled a multi-year partnership, Electric 360, with Formula E, Extreme E, and E1 to support the growth of electric motorsports and their role in advancing the future of electric mobility.
The new partnership will draw together initiatives that underscore the power of electric motorsports to drive technological innovation, and revolutionize sustainable transport and future mobility – while leading the way in carbon reduction.
PIF today also announced the launch of its new brand revamp, which captures PIF’s heritage and essence and embodies its commitment to progress and growth in driving transformation at a historical scale. The new identity will be used at all PIF partnership events, including E360 events, throughout 2024 and beyond.
PIF is ranked by Global SWF as one of the top sovereign wealth funds in the world and number 1 in the Middle East for Sustainability among the top 100 sovereign wealth funds globally. The E360 collaboration is in line with PIF’s broader sponsorship platform, bringing to life the brand’s ambition with a focus on four pillars: inclusivity, sustainability, youth, and technology.
The partnership announced today will also promote educational opportunities tied to the cutting-edge engineering of electric motorsports, as well as community, social programs, and environmental stewardship.
With PIF as the sole principal partner to span all three series, this initiative will directly facilitate and accelerate the delivery of:
- PIF Electric 360 thought leadership events, bringing together leading industry experts with the brightest minds to drive sustainable mobility change;
- STEM initiatives globally to coincide with each championship series; and
- Community apprenticeship programs with industry partners in each championship.
The partnership will support the mission-driven objectives of all three series by enhancing Formula E’s proven race-to-road transfer model and reinforcing its position as the world’s most sustainable sport, enabling Extreme E to forge new frontiers and spearheading E1’s revolutionary drive around marine mobility.
This partnership not only benefits each championship in its own right, but also underlines the commitment of all parties to drive technological innovation and sustainable solutions.
Alejandro Agag, Founder and Chairman of Formula E, Extreme E, and E1 said: “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. 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.”
Mohamed AlSayyad, Head of Corporate Brand at PIF, said: “At PIF, we believe in the power of partnerships, investing in innovative collaborations as part of our focus on ‘Investing in Better.’ These partnerships will enhance the quality of life for people, provide opportunities for the communities we serve, and help continue our work as a catalyst for transformation.
“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.”
About Formula E and the ABB FIA Formula E World Championship:
As the world’s first all-electric FIA World Championship and the only sport-certified net zero carbon since inception, the ABB FIA Formula E World Championship brings dramatic racing to the heart of some of the world’s most iconic cities providing an elite motorsport platform for the world’s leading automotive manufacturers to accelerate electric vehicle innovation.
The Formula E network of teams, manufacturers, partners, broadcasters, and host cities are united by a passion for the sport and belief in its potential to accelerate sustainable human progress and create a better future for people and planet.
About ABB:
ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on more than 130 years of excellence, ABB’s ~105,000 employees are committed to driving innovations that accelerate industrial transformation. www.abb.com
About PIF:
The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the Board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, the Fund’s board of directors has been chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established over 90 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally.
Sources: Formula E PR
Images by Formula E
LONDON, ENGLAND – JANUARY 22: (L to R) Mohamed A. Alsayyad, Corporate Affairs & Communications at Public Investment Fund,, H.E. Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), and Alejandro Agag, Founder and Chairman of Formula E & E1 Series and Founder and CEO of Extreme E, attend the launch of ELECTRIC 360, a ground-breaking partnership between the Public Investment Fund, Formula E, Extreme E, and E1, at Magazine London on January 22, 2024, in London, England.<br />
Photo by Dave Benett