Envision Take Majority Stake In DS Virgin Racing

Chinese renewable energy and technology firm Envision are to become the majority team owner of Virgin’s electric auto racing team, DS Virgin Racing.

DS compete in the Formula E Championship, a competition which only uses electric cars.

The announcement was made ahead of Formula E’s Paris E-Prix.

Virgin Group founder, Sir Richard Branson, said of the deal: “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, Founder and CEO of Envision, added: “The electrification of the transportation system means that the future of the energy and mobility sectors are intertwined. 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.”