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’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 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 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”.

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.

Rio de Janeiro

The representatives of Formula E Holdings proposed to the Mayor and the Governor that the city of Rio become host of a Formula E Electric Grand Prix from 2014. Both the Mayor and the Governor enthusiastically welcomed the idea. Rio has a long commitment to sustainability, having hosted the Rio+20 UN Conference on Sustainable Development only weeks ago. The Mayor of Rio declared the proposed urban track designed to be near the Gloria Marina as “spectacular”. Alejandro Agag said, “We are very thankful to the Rio authorities, its Mayor, Mr. Eduardo Paes, and its Governor, Mr. Sergio Cabral, for the enthusiastic welcome they have given to our Championship. The sustainable and clean energy aspects of our project were immediately highlighted by them, as values very much in line with the Rio de Janeiro of the future. We look very much forward to race in this amazing city in 2014.”

Source: Press release