Formula E has become a minority investor in all-electric off-roading series Extreme E.
While the two series were both founded by Extreme E CEO Alejandro Agag and share common goals, they remain independent of one another.
However, their ties led to a “natural strategic alliance” which was “formalised” by the investment.
“It has always been my intention to have Formula E and Extreme E working closely together, spreading the message of electrification, environment and equality,” said Agag. “The two series are very different but have a shared purpose as they fight alongside one another to counteract climate change.”
With the investment, Formula E CEO Jamie Reigle will join the Extreme E board of directors.
“Formula E and Extreme E stand out as sports founded with purpose,” said Reigle, who took over as FE CEO from Agag in September 2019.
“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 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.”
Image courtesy of Extreme E