PIF Revs Up Electric Motorsports with Groundbreaking Partnership between Formula E, Extreme E and E1

The Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, has thrown its considerable weight behind the electric motorsports revolution, announcing a groundbreaking multi-year partnership with Formula E, Extreme E, and E1 powerboat racing. Dubbed “Electric 360”, this ambitious initiative aims to accelerate the growth of electric racing and its role in shaping a sustainable future for mobility.

A Powerful Synergy: Innovation, Education, and Community

Electric 360 is much more than just a sponsorship deal. It’s a strategic collaboration designed to maximize the impact of electric motorsports across three key areas:

Technological Innovation: PIF’s investment will fuel research and development in electric racing, pushing the boundaries of battery technology, energy efficiency, and sustainable materials. This knowledge will then be transferred to the wider automotive industry, paving the way for more efficient and environmentally friendly vehicles for everyone.
Education and Skills Development: Electric 360 will launch STEM initiatives alongside each championship series, inspiring young minds to pursue careers in sustainability and clean technology. Community apprenticeship programs will provide practical training and mentorship opportunities, ensuring a skilled workforce for the future of electric mobility.
Community and Environmental Stewardship: The partnership will go beyond the racetrack, promoting environmental awareness and supporting community development projects in regions impacted by the championships. This holistic approach ensures that the benefits of electric motorsports reach far beyond the elite world of racing.

A Catalyst for Change: Redefining Electric Motorsports

PIF’s involvement as the sole principal partner across all three series signifies a significant commitment to the future of electric racing. This unified approach will amplify the impact of each championship, leveraging their unique strengths and platforms to drive collective change.

Formula E: The world’s first all-electric racing series, Formula E has a proven track record of transferring technology from racetrack to road cars. PIF’s support will further solidify its position as a pioneer in sustainable mobility, accelerating the adoption of electric vehicles by consumers and manufacturers alike.
Extreme E: Racing electric SUVs in some of the world’s most challenging environments, Extreme E raises awareness about climate change and promotes environmental conservation. PIF’s investment will enable Extreme E to reach new audiences and have an even greater impact on the fight against climate change.
E1: The world’s first electric powerboat racing series, E1 brings the excitement of motorsport to the water while showcasing cutting-edge marine technology. PIF’s support will help E1 accelerate the development of sustainable boats and promote cleaner waterways.

A Shared Vision for a Sustainable Future

LONDON, ENGLAND – JANUARY 22: (L to R) Jacobo Solis, Director, Head of Europe Direct Investments, International Investments Division at Public Investment Fund, Alanoud ALthonayan, Senior Vice President, Head of Events & Sponsorships at Public Investment Fund, Kevin Foster, Head of Corporate Affairs Division at Public Investment Fund (PIF), Mohamed A. Alsayyad, Corporate Affairs & Communications at Public Investment Fund,, H.E. Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), Extreme E Managing Director Ali Russell, Alejandro Agag, Founder and Chairman of Formula E & E1 Series and Founder and CEO of Extreme E, E1 Co-Founder & CEO Rodi Basso and Formula E CEO Jeff Dodds attend the launch of ELECTRIC 360, a ground-breaking partnership between the Public Investment Fund, Formula E, Extreme E, and E1, at Magazine London on January 22, 2024 in London, England.
Photo by Dave Benett

The Electric 360 partnership is a testament to the shared vision of PIF, Formula E, Extreme E, and E1 for a future powered by clean energy and sustainable transportation. By working together, they aim to not only redefine the world of motorsports but also pave the way for a cleaner and more equitable future for all.

PIF’s Brand Refresh: Embracing Progress and Transformation

In addition to the Electric 360 partnership, PIF also unveiled its new brand identity, capturing its heritage and commitment to progress and growth. The new logo and visual language will be used at all PIF partnership events, including E360 events, throughout 2024 and beyond.

PIF’s investment in electric motorsports and its refreshed brand identity mark a significant step forward for the organization. By embracing innovation, sustainability, and collaboration, PIF is driving positive change and shaping a brighter future for generations to come.

This is just the beginning of the Electric 360 journey. Stay tuned for more updates on the partnership’s initiatives and its impact on the future of electric mobility.

Author

Henry Benz

Henry Benz isn't your average automotive journalist. He's not obsessed with horsepower or zero-to-sixty times. His passion lies in the quiet hum of electric motors, the surge of instant torque, and the thrill of a world hurtling towards a sustainable future. Henry is the EV evangelist, your plug-in pal, and the guy who will make you fall in love with the world of electric vehicles, one test drive at a time. Henry's journey began in the golden age of muscle cars. He spent his youth wrenching on classic V8s, his nose forever stained with grease and his ears ringing with the roar of internal combustion. But as the climate crisis loomed larger, a seed of doubt sprouted in his gearhead heart. Could there be a way to enjoy the thrill of the open road without sacrificing the planet? That's when Henry discovered the world of EVs. He was captivated by the silent power, the instant acceleration, and the sleek, futuristic designs. He devoured every article, watched every documentary, and hopped behind the wheel of every electric car he could find. He was hooked.
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