RIYADH: The Public Investment Fund (PIF) has unveiled a multi-year partnership, Electric 360, with Formula E, Extreme E and E1 to support the growth of electric motorsports and their role in advancing the future of electric mobility.
The new partnership will draw together initiatives that underscore the power of electric motor sports to drive technological innovation, and revolutionize sustainable transport and future mobility – while leading the way in carbon reduction.
PIF also announced the launch of its new brand revamp, which captures PIF’s heritage and essence and embodies its commitment to progress and growth in driving transformation at a historical scale. The new identity will be used at all PIF partnership events, including E360 events, throughout 2024 and beyond.
PIF is ranked by Global SWF as one of the top sovereign wealth funds in the world and number 1 in the Middle East for sustainability among the top 100 sovereign wealth funds globally. The E360 collaboration is in line with PIF’s broader sponsorship platform, bringing to life the brand’s ambition with a focus on four pillars: inclusivity, sustainability, youth, and technology.
The partnership announced today will also promote educational opportunities tied to the cutting-edge engineering of electric motor sports, as well as community, social programs and environmental stewardship.
With PIF as the sole principal partner to span all three series, this initiative will directly facilitate and accelerate the delivery of:
- PIF Electric 360 thought leadership events, bringing together leading industry experts with the brightest minds to drive sustainable mobility change
- STEM initiatives globally to coincide with each championship series
- Community apprenticeship programs with industry partners in each championship
The partnership will support the mission-driven objectives of all three series by enhancing Formula E’s proven race-to-road transfer model and reinforcing its position as the world’s most sustainable sport, enabling Extreme E to forge new frontiers and spearheading E1’s revolutionary drive around marine mobility.
This partnership not only benefits each championship in its own right, but also underlines the commitment of all parties to drive technological innovation and sustainable solutions.
Alejandro Agag, founder and chairman of Formula E, Extreme E and E1, said: “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. 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.”
Mohamed AlSayyad, head of corporate brand at PIF, said: “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.
“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.”
- To learn more about Extreme E, visit www.Extreme-E.com
