FIA Strikes a Commercial Deal For Formula E; 2014 Debut Looks Good

We all knew that the Formula E series was on the cusp of becoming a reality, as its plans outlined a 2014 debut. Despite the planning, there simply wasn’t the funding available to get the series going. The key word here is “wasn’t,” as the FIA has just inked a commercialization deal to form Formula E Holdings (FEH), which better assures the 2014 debut of the all-electric racing series.

The new promoter of the Formula E series is now FEH. FEH’s anchor investor is a London-based businessman by the name of Enrique Bañuelos. Alejandro Agag takes the reigns as FEH’s CEO overseeing Formula E. There are other folks with significant involvement with the project, including: Lord Drayson, Managing Partner of Drayson Racing Technologies, and Eric Barbaroux, Chairman of the French electric automotive company "Electric Formula."

We will start seeing test runs of Formula E in 2013 and its debut is pretty much set in stone for 2014. While the cars are super fast – 0 to 60 in three seconds and a 137 mph top speed – they can only run on a single charge for about 25 minutes. This lack of longevity means that each team will have to field two cars and two drivers. Instead of stopping for fuel, as seen in other racing series, teams will be pitting to swap cars and drivers. It’ll be interesting to see how teams streamline this process and still remain within the series’ rules.

We can’t wait to see what this series has to offer and the kind of technology that it will eventually lend to typical street cars. We’ll keep a close eye on the development of the Formula E series and keep you updates.

Click past the jump to read the full press release.

Press Release

New FIA Formula E Championship powered by electric energy

FIA Strikes a Commercial Deal For Formula E; 2014 Debut Looks Good

Eduardo Paes, Mayor of the city of Rio de Janeiro, Jean Todt and Sergio Cabral, Governor of the state of Rio de Janeiro. Rio is the first city to welcome a Formula E Electric Grand Prix from 2014.

Alejandro Agag (FEH), Jean Todt and Enrique Banuelos (FEH) signing the agreement of the New FIA Formula E Championship.

The Fédération Internationale de l’Automobile (FIA) has reached an agreement to licence the commercial rights of the FIA Formula E Championship to a consortium of international investors, Formula E Holdings Ltd (FEH).

Formula E is a new FIA championship featuring Formula cars powered exclusively by electric energy. It represents a vision for the future of the motor industry over the coming decades.

FIA Strikes a Commercial Deal For Formula E; 2014 Debut Looks Good

FEH, the new promoter, has as anchor investor London-based entrepreneur Enrique Bañuelos, and as CEO and shareholder former MEP and racing team owner Alejandro Agag, who has a long experience in the motor sport business. Also associated with the project are Lord Drayson, Managing Partner of Drayson Racing Technologies, and Eric Barbaroux, Chairman of the French electric automotive company "Electric Formula".

FIA Strikes a Commercial Deal For Formula E; 2014 Debut Looks Good

Demonstration runs of the Formula E cars will start in 2013, followed by the championship in 2014 with an objective of 10 teams and 20 drivers participating in the competition. The races will be ideally staged in the heart of the world’s leading cities, around their main landmarks.

Jean Todt, President of the FIA said:
"I would like to thank all the parties involved. This new competition at the heart of major cities is certain to attract a new audience. We are pleased with this agreement with Formula E Holdings as they bring a very strong experience in motor sport. This spectacular series will offer both entertainment and a new opportunity to share the FIA values and objectives of clean energy, mobility and sustainability with a wider and younger audience as well."

Alejandro Agag, CEO of FEH said:
"We are very pleased with the agreement reached with FIA. We see this as a great opportunity to create a new and exciting spectacle mixing racing, clean energy and sustainability, looking to the future. We expect this Championship to become the framework for research and development around the electric car, a key element for the future of our cities."

Professor Burkhard Goeschel, President of the FIA Electric and New Energies Championships Commission, said:
“Formula E will be a milestone for the future of motorsports, driven by the FIA. It follows the global megatrends of our world like sustainability, the growth of the megacities and the digital world of connectivity. I would like to say thanks to all partners, who supported us in creating this new project and also to the partners who will accompany us to a successful launch of Formula E.”

The series will be open to any cars sanctioned as Formula E by the FIA. The consortium will ensure that a Formula E Car, based on the Formulec EF 01 prototype already in operation, is available for those competing teams willing to race with it.

For information, please visit FEH website: www.formulaeholdings.com


*Registration is required to post in this forum

Back to top