Cookie Consent by Free Privacy Policy website Formula E makes strategic investment in Extreme E, joining forces on shared mission to counteract climate change
novembre 03, 2020 - ABB Formula E

Formula E makes strategic investment in Extreme E, joining forces on shared mission to counteract climate change

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London, England (November 3, 2020) - #formulae has today announced that it has become a minority shareholder in Extreme E - the radical new off-road motorsport which will see electric SUVs competing in remote ecosystems around the world.

 United in their founding purpose to counteract climate change by accelerating the adoption of electric vehicles, #formulae and Extreme E have a natural strategic alliance which has been formalised by Formula E’s investment.   The partnership demonstrates an extension of Formula E’s commitment to developing electric vehicles and sustainable mobility technologies, including now through Extreme E, which is set to trial electric SUVs in some of the most testing off-road conditions in the world. The two sports have a common ambition to fight climate change, accelerate the transition to electric mobility and use their platforms to catalyse positive change for generations to come. Their distinct but complementary products mean each benefit from amplifying the other. Both series are all-electric motorsports, with #formulae operating the open-wheel single-seater FIA world championship competing in iconic international city centres, while Extreme E is a radical rally-raid showcasing the abilities of electric SUVs against the backdrop of remote ecosystems. With Formula E’s minority investment comes a seat on the Extreme E Board of Directors which will be held by #formulae CEO #jamiereigle. While the two businesses remain independent, the close collaboration of their leadership will allow a truly strategic partnership, as Extreme E CEO and #formulae Founder #alejandroagag also retains the role of #formulae Chairman. Formula E and Extreme E come together ahead of a momentous year for both series, with the debut of the 2020/21 ABB FIA #formulae World Championship taking place in Santiago on January 16 and 17, 2021 just before the start of Extreme E’s first season, which kicks-off in #saudiarabia on March 21.

CHIEF EXECUTIVE OFFICER OF #formulae; BOARD DIRECTOR OF EXTREME E
JAMIE REIGLE
"Formula E and Extreme E stand out as sports founded with purpose. As we both race for better futures, a strategic partnership with Extreme E is a natural progression for #formulae. We are joining forces in our fight against climate change, while each continuing on our independent and complementary sporting paths. It’s an honour for me to be invited to join Extreme E’s Board of Directors and I’m committed to delivering the greatest impact for both businesses as we light up the world with the transformative power of electric #racing."

CHIEF EXECUTIVE OFFICER OF EXTREME E; FOUNDER AND CHAIRMAN OF FORMULA E
ALEJANDRO AGAG
"It has always been my intention to have #formulae and Extreme E working closely together, spreading the message of electrification, environment and equality. The two series are very different but have a shared purpose as they fight alongside one another to counteract climate change. I’d like to welcome Jamie to the Board of Extreme E and look forward to continuing our work together, this time to capture the momentum and maximise the potential of Extreme E."

Formula E was advised by David Beech and his team at DLA Piper, while Extreme E worked closely on the investment with Alison Gilson and her team at Shoosmiths.
 
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