Formula E has agreed a new, long-term title partnership with Swiss industrial technology company, ABB, which will see the electric street racing series named the ABB FIA Formula E Championship.
The multi-year partnership, running until at least 2025, marks the first time an FIA-sanctioned single-seater championship has had a title sponsor. The seven-year contract is worth more than $100m, according to media reports.
The announcement was made on Tuesday in London, where Alejandro Agag, founder and CEO of Formula E, was joined by Ulrich Spiesshofer, ABB CEO, to reveal the new brand identity and the fully-electric Formula E car with updated livery.
“This is a historic day for Formula E,” Agag commented, “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.”
ABB CEO Ulrich Spiesshofer added: “We are extremely excited to partner with Formula E in writing the future of e-mobility.
“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.”
FIA president Jean Todt concluded: “Formula E continues to grow and in addition to its sporting and technical success, the tremendous level of excitement surrounding this new FIA discipline is tangible. Today’s ABB announcement as the title partner is a strong sign and proof of the attractiveness of this championship, which is still in its infancy. The mobilisation of major economic powers around the pillars of this discipline - new technologies, electric mobility and sustainable development - is a very good sign, and something to be excited about. This contributes to the development and expansion of Formula E.”
ABB, which specialises in vehicle electrification, joins the likes of Julius Baer, Allianz, Hugo Boss and Visa as commercial partners of the championships.