The ABB FIA Formula E World Championship has become a minority shareholder in the fully-electric off-road series, Extreme E.
The championships, which were founded by Spanish entrepreneur Alejandro Agag, both compete with the same purpose and target – that of counteracting climate change by promoting and encouraging the adoption of electric vehicles.
With Formula E’s investment, series CEO Jamie Reigle joins the Extreme E Board of Directors while both parties will remain independent, with the investment marking a strategic collaboration between the two to unite further in their shared objective.
“It has always been my intention to have Formula E and Extreme E working closely together, spreading the message of electrification, environment and equality,” commented Agag.
“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.”
Reigle, who took on the role of Formula E CEO in September 2019, added: “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.”
As part of its inaugural season which is set to commence in March, 2021, Extreme E will race in environments damaged by climate change, visiting Saudia Arabia, Senegal, Greenland, Brazil, and Argentina.
The series, thus far, has enticed a number of big names, with Andretti and Chip Ganassi Racing entering teams into the championship alongside former Mercedes F1 team-mates Lewis Hamilton and Nico Rosberg with their respective Team X44 and Rosberg Xtreme Racing guises.
With a recent legal and intellectual property dispute regarding its name from sports company, Extreme International, Extreme E’s build-up to its 2021 debut has been far from plain sailing, with the legal case being heard in formal trademark opposition proceedings early next year if a resolution is not found.