DS Virgin Racing have confirmed that digital energy firm Envision will become their majority owner.
The Formula E outfit said that the Shanghai-based renewable energy company would bring additional technological skill sets and capabilities to the team.
Richard Branson, Virgin Group founder, said: “This new venture forms the next chapter in our long-term vision for the Formula E team. Since the team’s inception, it has always focused on collaborating with like-minded ambitious brands, particularly those connected to the renewable energy sector, sustainability and electric vehicles.
“Envision and Virgin share the same vision for the future, using innovation to positively impact lives, and with their support I believe the team can continue to lead the way in Formula E.”
Lei Zhang, chief executive of Envision, is enthused by the possibilities of working with an electric racing team: "Electric vehicles, once integrated in the wider energy ecosystem, will be instrumental to enable the renewable energy transition.
"Envision and DS Virgin Racing share an ambition to accelerate the energy transition, where everyone has access to clean, secure and affordable energy, with this investment we will work with the DS Virgin Racing Team to create the future of clean e-mobility."
Alex Tai, DS Virgin Racing team principal, added: "Together with Envision we will showcase thought leadership and developing technologies which will power this transition and the future of transportation. Our racing team just became stronger with the addition of Envision and our purpose became more tangible.”
DS Virgin Racing have also announced a technical and operational partnership with Stanley Black & Decker's Stanley brand.