The Public Investment Fund of Saudi Arabia (PIF) has officially announced a groundbreaking multi-year partnership with Formula E, Extreme E and E1 powerboat racing, in what is a significant moment for EV motorsport.
It was announced on Monday evening ahead of this week’s Formula E Diriyah double-header, with the partnership bringing the three all-electric championships together being called Electric 360. PIF’s partnership with the three championships will help grow electric motorsports and support their role in advancing electric mobility in the future.
The partnership will follow initiatives that emphasise the importance of electric championships and how the technology used can be transferred into sustainable public transport and push technological innovation. It will do all of this whilst being a global leader in carbon reduction. Formula E recently collected a number of rewards for being the most sustainable motorsport on the planet.
PIF is ranked by Global SWF as one of the leading sovereign wealth funds on the planet and is the number one when it comes to sustainability in the Middle East. The Electric 360 partnership is aligned with PIF’s four focuses: inclusivity, sustainability, youth, and technology.
They will become the principal partner of each of the championships included in Electric 360, with educational programs to also be put on to promote the engineering behind electric racing. Community and social programs will also be put in place.
Looking specifically at the Electric 360 partnership, the initiative will accelerate the delivery of global STEM initiatives, which will coincide with each championship. Leadership events will also take place as part of the partnership, with brilliant minds and leading experts to be brought together to driver sustainable mobility change.
According to the Founder and Chairman of all-three championships, Alejandro Agag, the partnership is not only a “huge milestone” for EV motorsport but is “one-of-a-kind”.
“This one-of-a-kind partnership with PIF is a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology,” said Agag.
“With so many examples of the positive real-world impact of each series, this 360-partnership takes our potential to the next level. PIF will not only play a strategic role in helping us leverage our unique technological platforms, but also foster global collaboration,education and skills development for the next generation worldwide.”
All three electric championships being brought together in a partnership will allow them to work closer together to push for a more sustainable future, through EV technology. For PIF, they recognise that the partnership will “enhance the quality of life for people” and “redefine electric sport”.
“At PIF, we believe in the power of partnerships, investing in innovative collaborations as part of our focus on ‘Investing in Better.’ These partnerships will enhance the quality of life for people, provide opportunities for the communities we serve, and help continue our work as a catalyst for transformation,” said Mohamed AlSayyad, Head of Corporate Brand at PIF.
“Together with these championship series, Electric 360 will redefine electric sport and supercharge its growth, delivering tangible impact aligned with our broader business strategy as PIF drives new green technological innovation that will be the cornerstone of future electric mobility.”
