Paris|01 Aug, 2012

New FIA Formula E Championship powered by electric energy

The Federation 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 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.

The new promoter, the consortium Formula E Holdings Ltd (FEH) has as anchor investor London based entrepreneur Enrique Bañuelos. Former MEP and racing team owner Alejandro Agag, with long experience in the motor sport business, will be the CEO of FEH, as well as shareholder of the company. 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".

Demonstrations of the Formula E cars will start in 2013, followed by the first race in 2014. 10 teams and 20 drivers will participate in the competition. The races will be ideally staged in the heart of the world&rsquos 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 MotorSport. The new events will provide a great way to engage the younger generation. This spectacular series will offer both entertainment and a new opportunity to share FIA values with a wide audience as clean energy, mobility and sustainability. This is a great day and a strong message to the motor sport community. The FIA is definitely looking to the future!"

Alejandro Agag, CEO of FEH, added: "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."

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.