DS Virgin Racing have announced that Envision will be the new majority team owner ahead of the Paris ePrix.
Envision are based in Shanghai, China and are one of the leading providers in renewable energy generation and smart energy management.
The company also own the largest Energy IoT platform in the world as well as being the second largest wind turbine manufacturer in China.
Sir Richard Branson, founder of the Virgin Group, said: “This new venture forms the next chapter in our long-term vision for the Formula E team.
“Since the team’s inception, it has always focused on collaborating with like-minded ambitious brands, particularly those connected to the renewable energy sector, sustainability and electric vehicles.
“Envision and Virgin share the same vision for the future, using innovation to positively impact lives, and with their support, I believe the team can continue to lead the way in Formula E.”
Envision founder and CEO, Lei Zhang, said: “Electric vehicles, once integrated in the wider energy ecosystem, will be instrumental to enable the renewable energy transition.
“Envision and DS Virgin Racing share an ambition to accelerate the energy transition, where everyone has access to clean, secure and affordable energy, with this investment we will work with the DS Virgin Racing Team to create the future of clean e-mobility.”
Photo courtesy DS Virgin Racing