The Formula E all-electric motor racing series has unveiled Swiss industrial technology giant ABB as its first ever title sponsor.
The mooted agreement was reported earlier this week but was confirmed at a launch event at London's Saatchi Gallery on Tuesday. The deal, which runs until 2025, means Formula E becomes the first FIA-sanctioned single-seater championship to have a title partner.
Sky News, citing an analyst familiar with the agreement, said that the contract could be worth an annual US$15 million.
Alejandro Agag, founder and chief executive of Formula E, said: “This is a historic day for Formula E and I’m honoured to welcome ABB as the title partner of the series, with its background and expertise in the field of electrification and digital technologies.
"Our two companies are synonymous with pushing the boundaries of what is possible. Together, as partners, we will showcase break-through technology on a global scale to fans and consumers who follow the ABB FIA Formula E Championship.”
“We are extremely excited to partner with Formula E in writing the future of e-mobility,” added Ulrich Spiesshofer, chief executive of ABB. “Today, two pioneers are uniting. ABB and Formula E are a natural fit at the forefront of the latest electrification and digital technologies. Together, we will write the next phase of this exciting sports activity and foster high-performance teams. Together, we will write the future - one electrifying race at a time.”
Now in its fourth season, Formula E has attracted a host of major car manufacturers, including reigning Formula One world champion Mercedes, which will join the series from 2019/20.
ABB specialises in vehicle electrification, and its tie-up with Formula E sees it join the likes of Julius Baer, Allianz, Hugo Boss and Visa as one of the championship’s major commercial partners.