Formula E Announces Investment In Extreme E
Formula E has become a minority shareholder in Extreme E in a move which will also see Formula E CEO Jamie Reigle join the Extreme E board.
Both organisations were founded by Alejandro Agag, and promote the acceleration and adoption of electric vehicles in a bid to fight climate change.
According to both businesses, the two will remain independent, but will work together as part of a strategic partnership with the close collaboration of their leadership.
“Formula E and Extreme E stand out as sports founded with purpose,” said Reigle.
“As we both race for better futures, a strategic partnership with Extreme E is a natural progression for Formula E. We are joining forces in our fight against climate change, while each continuing on our independent and complementary sporting paths.
“It’s an honour for me to be invited to join Extreme E’s Board of Directors and I’m committed to delivering the greatest impact for both businesses as we light up the world with the transformative power of electric racing.”
Alejandro Agag added: “It has always been my intention to have Formula E and Extreme E working closely together, spreading the message of electrification, environment and equality. The two series are very different but have a shared purpose as they fight alongside one another to counteract climate change. I’d like to welcome Jamie to the Board of Extreme E and look forward to continuing our work together, this time to capture the momentum and maximise the potential of Extreme E.”
Formula E was advised by David Beech and his team at DLA Piper, while Extreme E worked closely on the investment with Alison Gilson and her team at Shoosmiths.
