Saudi fund partners with Formula E, Extreme E to develop electric motorsport
Saudi Arabia’s Public Investment Fund (PIF) has partnered with Formula E, Extreme E, and the new E1 electric powerboat racing series as part of its new Electric 360 program to support the growth of electric motorsport.
The multi-year agreement is the first of its kind and is aimed at pushing innovation across each of the categories and improving sustainable transport and mobility initiatives, as well as driving down carbon emissions.
The move comes as the PIF, ranked as the number one wealth fund in the Middle East for sustainability and among the top 100 globally, revamps its own brand as it looks to showcase “its commitment to progress and growth in driving transformation at a historical scale”.
“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,” said Mohamed AlSayyad, head of corporate brand at PIF.
“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.”
As well as partnering with all three electric racing series, Electric 360 will also support education, with global STEM initiatives tied to each championship and community apprenticeship programs with industry partners in each series.
“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,” said 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.
“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.”
Saudi Arabia has become a key player in the motorsport landscape in recent years, with it hosting the Dakar rally since 2020 and the Formula 1 Saudi Arabian Grand Prix since ’21. State-owned oil firm Aramco is a partner of both the Aston Martin F1 team and F1 itself, and the NEOM urban development project is a title sponsor of McLaren’s electric racing offshoot, which competes in both Formula E and Extreme E.
The country will host each of Formula E, Extreme E, and E1 in the coming weeks, too. This weekend, rounds two and three of the Formula E season will take place in Diriyah on the outskirts of capital city Riyadh. Next week the inaugural E1 event will take place in Jeddah, with the first two rounds of the Extreme E season following nearby on February 17-18.
For more information: www.racer.com
