Shell has extended its long-term agreement with Ferrari to continue serving as the ‘Innovation Partner’ of the manufacturer’s Formula One team Scuderia Ferrari.
Shell and Ferrari have been cooperating for over 90 years, overseeing 10 F1 World Championships and 12 drivers’ titles. The renewed partnership is estimated to be worth around £40 million per season according to some industry experts.
“The relationship between Scuderia Ferrari and Shell dates back to 1929, the year our team was founded,” said Mattia Binotto, Ferrari’s Team Principal.
“In that time, we have produced so many victories together. We are delighted therefore that our collaboration is now set to go on even longer.
“We share many common values, not least excellence, passion for racing and teamwork, which have made this partnership unique in the history of motorsport.
“As our Innovation Partner, we will continue to work with Shell on the transfer of racing technology to mobility as well as the ambitious challenges that lie ahead, in particular the aim of Formula 1 to reach a net-zero emissions level by 2030.”
The renewed agreement will see oil and gas firm cooperate with Scuderia to work towards Formula One’s goal of reaching a net zero carbon footprint by 2030.
Additionally, the firm will assist with product development, such as the utilisation of sustainable fuels and improving Ferrari’s V6 turbo-hybrid power unit. The engine currently has a thermal efficiency of roughly 50%.
In Shell’s official statement, the company described the renewal as ‘the next exciting chapter in this partnership’ that would see the duo cooperate in ‘reducing the team’s carbon footprint, helping them to achieve their broader sustainability targets’.
Istvan Kapitany, Shell’s Global Executive Vice-President for Mobility, added: “Our partnership with Ferrari has bred truly remarkable innovations – innovations Shell regularly relies upon when developing new fuels and lubricants for our customers.
“We are now entering a very exciting time in our history together as we leverage this partnership to not only strive for success on the track, but also to develop cleaner fuels and lubricants for our customers.”