Formula E has become a minority shareholder in the Extreme E racing series, investing in all-electric championship.
The deal, which ‘demonstrates an extension of Formula E’s commitment to developing electric vehicles and sustainable mobile technologies’, sees Chief Executive of Formula E, Jamie Reigle, joining the board of directors at Extreme E as part of the collaboration, heading up the partnership between the two.
“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,” Extreme E’s Founder, Alejandro Agag said.
“It has always been my intention to have Formula E and Extreme E working closely together. The two series are very different but have a shared purpose as they fight alongside one another to counteract climate change.”
Formula E was started up in 2014 by Agag but Reigle took over as CEO in September 2019 and the competition was recently awarded a certified net-zero carbon rating by the United Nations (UN).
He added: “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 Formula E.
“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.”