DS Virgin Racing has announced that renewable energy company Envision will become the majority team owner of the British squad.
The DS Virgin squad has been on Formula E's grid since its inception and is one of the most successful teams in the sport's history, having scored seven wins with Sam Bird over the course of four years of competition and a further 10 podium finishes.
The new venture between the team and Envision will join the two brands together and will bring additional technological capabilities to the team while the venture also marks the team's long-term commitment to the all-electric single seater series that is set for a radical revolution from Season Five later this year.
“This new venture forms the next chapter in our long-term vision for the Formula E team," said Sir Richard Branson, founder of the Virgin Group.
"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.”
Envision is a global leader in renewable energies and is the seventh largest wind turbine manufacturer in the world, with its headquarters located in Shanghai, China.
"The electrification of the transportation system means that the future of the energy and mobility sectors are intertwined," said Lei Shang, Envision's founder and CEO.
"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.”
After seven rounds of Season Four, DS Virgin Racing currently sit in second place in both the Drivers' and Teams' Championships through the effort of Bird and his team-mate, Alex Lynn, eager to claim a maiden title after four years in the sport.
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