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Formula E has signed a title sponsorship worth more than $100m with Swiss technology company ABB – a seven-year contract through to 2025 for the electric-powered motorsport series.
The deal ‘is a strong sign and proof of the attractiveness of this championship, which is still in its infancy’, Jean Todt, president of motorsport governing body FIA, said.
The four-year-old electric series is trying to grab attention in a sport dominated by the long-standing petrol-based Formula One championship. Although the cars are quieter compared to the ear-splitting, fuel-guzzling engines in F1, Formula E touts its environmentally-friendly qualities and accessibility to fans.
Fans can walk to watch Formula E street races in Berlin, Buenos Aires, Hong Kong, Mexico City, Paris, and New York and will soon be able to do the same across the Causeway.
Formula E’s 20th host city will be Riyadh, the capital of Saudi Arabia - the first location the championship will visit in the Middle East.
The electric series has announced a 10-year deal with the country’s General Sports Authority and Riyadh will host the season-opening race of the 2018/19 championship in December - the first event with the new Gen2 machinery - subject to the approval of the FIA’s World Motorsport Council.
“The moment when those green lights go on in Riyadh, Formula E becomes of age,” FE CEO and founder Alejandro Agag said. “For me that moment will be as big as the first start of the inaugural race in Beijing.”
