Saudi Arabia’s PIF seals ‘one-of-a-kind partnership’ with Formula E


Saudi Arabia’s Public Investment Fund (PIF) has announced a multi-year partnership with Formula E, Extreme E, and powerboat championship E1 Series under the ‘Electric 360’ brand.

The ambitious undertaking aims to accelerate the growth of electric motorsport and electric mobility worldwide, fostering innovation and driving the transition towards a sustainable future.

PIF's involvement marks the first time a single company has sponsored all three leading electric motorsport championships.

The partnership will leverage the strengths of each series to achieve its objectives: enhancing Formula E's proven race-to-road technology transfer, enabling Extreme E to explore new frontiers in off-road racing, and spearheading E1's groundbreaking marine mobility initiatives.

Under the "Electric 360" banner, a series of thought leadership events, STEM initiatives, and community apprenticeship programs will be launched to inspire and educate individuals about the transformative potential of electric mobility.

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These initiatives will bring together experts, enthusiasts, and young minds to foster a vibrant community dedicated to shaping the future of sustainable transportation.

This strategic partnership between PIF and the three electric motorsport series signifies a significant step forward in the global transition towards a clean energy future.

By harnessing the power of motorsport, ‘Electric 360’ aims to accelerate innovation, inspire action, and revolutionize the way we move around the world.

“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,” commented Formula E, Extreme and E1 founder Alejandro 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.”

Mohamed AlSayyad, Head of Corporate Brand at PIF, added: “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.”

Formula E will be racing next weekend in Saudi Arabia, with rounds 2 and 3 of the 2024 championship taking place at Diriyah.

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