Formula E Becomes Minority Shareholder In Extreme E
By Taruka Srivastav | November 3, 2020
Formula E has become a minority shareholder in Extreme E – the radical new off-road motorsport which will see electric SUVs competing in remote ecosystems around the world.
United in their founding purpose to counteract climate change by accelerating the adoption of electric vehicles, Formula E and Extreme E have a natural strategic alliance which has been formalised by Formula E’s investment.
The partnership demonstrates an extension of Formula E’s commitment to developing electric vehicles and sustainable mobility technologies, including now through Extreme E, which is set to trial electric SUVs in some of the most testing off-road conditions in the world.
The two sports have a common ambition to fight climate change, accelerate the transition to electric mobility and use their platforms to catalyse positive change for generations to come. Their distinct but complementary products mean each benefit from amplifying the other. Both series are all-electric motorsports, with Formula E operating the open-wheel single-seater FIA world championship competing in iconic international city centres, while Extreme E is a radical rally-raid showcasing the abilities of electric SUVs against the backdrop of remote ecosystems.
With Formula E’s minority investment comes a seat on the Extreme E Board of Directors which will be held by Formula E CEO Jamie Reigle. While the two businesses remain independent, the close collaboration of their leadership will allow a truly strategic partnership, as Extreme E CEO and Formula E Founder Alejandro Agag also retains the role of Formula E Chairman.
Formula E and Extreme E come together ahead of a momentous year for both series, with the debut of the 2020/21 ABB FIA Formula E World Championship taking place in Santiago on January 16 and 17, 2021 just before the start of Extreme E’s first season, which kicks-off in Saudi Arabia on March 21.
Jamie Reigle, CEO of Formula E; Board Director of Extreme E said: “Formula E and Extreme E stand out as sports founded with purpose. As we both race for better futures, a strategic partnership with Extreme E is a natural progression for Formula E.
“We are joining forces in our fight against climate change, while each continuing on our independent and complementary sporting paths. It’s an honour for me to be invited to join Extreme E’s Board of Directors and I’m committed to delivering the greatest impact for both businesses as we light up the world with the transformative power of electric racing.”
Alejandro Agag, CEO of Extreme E; Founder & Chairman of Formula E said: “It has always been my intention to have Formula E and Extreme E working closely together, spreading the message of electrification, environment and equality. The two series are very different but have a shared purpose as they fight alongside one another to counteract climate change. I’d like to welcome Jamie to the Board of Extreme E and look forward to continuing our work together, this time to capture the momentum and maximise the potential of Extreme E.”