Saudi Arabia’s PIF Announces New Multi-Year Partnership to Boost Electric Motorsport
Saudi Arabian sovereign wealth fund, Public Investment Fund (PIF) has announced a new multi-year partnership with Electric 360, Formula E, Extreme E and E1 to enhance the growth of the electric motorsport sector in the kingdom.
The partnership specifically aims to advance the role of the sport in the future of electric mobility.
Additionally, educational opportunities will be made available through this new partnership as well as, community, social and environmental programmes.
PIF will directly facilitate and accelerate the delivery of PIF Electric 360, STEM initiatives and community apprenticeship programmes.
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,” he added.
The new partnership will support the growth of electric motor sports, bringing together Formula E auto racing, Extreme E truck racing, and the newly established world’s first and only all-electric E1 powerboat racing series.
— Public Investment Fund (@PIF_en) January 22, 2024
