Saudi Arabia’s Public Investment Fund (The PIF) has entered into a multi-year partnership that brings together all three international electric Motorsport championships.
This collaboration, called Electric 360, comprises Formula E, Extreme E, and E1 Powerboat racing to accelerate the development of electric Motorsports both in Saudi Arabia and on a global scale.
The PIF, which currently has a 5% ownership in Formula E and almost 50% in off-road Extreme E, will also organize exciting races in Saudi Arabia, including the annual Formula E race held in the historic city of Diriyah.
The Electric 360 Partnership
Saudi Arabia’s PIF has become the principal sponsor for all 3 International Electric Motorsport championships, Formula E, E1, and Extreme E. The multi-year collaboration called 'Electric 360' will confine thought leadership events, STEM initiatives, and apprenticeship programs.
As part of this effort, the PIF has invested financially in the newly formed E1 powerboat racing series. Through this collaboration, the PIF becomes the primary sponsor of all three championships, making history as the first company to support all three electric racing series simultaneously.
The PIF: An Influential Stakeholder in Electric Motorsports
PIF has already demonstrated its commitment to electric Motorsports by owning a 5% stake in Formula E and nearly 50% of Extreme E. It is poised to evolve into the hydrogen-powered Extreme H series.
This strategic stake acquisition illustrates PIF's dedication to driving technological innovation and transforming sustainable transport.
According to Crown Prince Mohammed bin Salman, the country will keep investing in sports as long as it contributes to its gross domestic product. The Electric 360 partnership demonstrates Saudi Arabia's commitment to spearheading electric transportation and adopting a more environmentally friendly future.
Supercharging Technology Innovation
The Electric 360 partnership, a unique convergence of Formula E, Extreme E, and E1 Powerboat racing, is set to revolutionize the electric Motorsport landscape.
The Electric 360 partnership aims to accelerate the growth of electric Motorsports globally. By harnessing the innovative platforms of Formula E, Extreme E, and E1, this collaboration underscores the potential of electric motorsports to drive technological advancement and shape the future of mobility.
Sustainable Driven Solutions
The collaboration aims to advance sustainable-driven solutions, decrease carbon emissions, and facilitate the transfer of race-to-road technology. Regarding this unique partnership, Alejandro Agag, the innovative creator and chairman of Formula E, Extreme E, and E1, shared his enthusiasm. He stated,
“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.
The 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.”
With PIF's significant stakes in Formula E and Extreme E, this strategic alliance underscores Saudi Arabia's commitment to promoting electric mobility and sustainable solutions globally.
PIF's New Brand Identity
Coinciding with the Electric 360 partnership announcement, PIF unveiled its new brand identity. This rebranding captures PIF's heritage, essence, and commitment to progress and growth in driving transformation at a historical scale.
Mohamed AlSayyad, Head of the Corporate Brand at PIF, emphasized the transformative impact of Electric 360. He 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.
The Crucial Role of The PIF
As the leading partner in all three series, the PIF is crucial in accelerating the implementation of multiple projects. These include:
- PIF Electric 360 events bring together esteemed professionals and innovative thinkers to drive positive change in sustainable transportation.
- International STEM initiatives that are in line with each championship series.
- Collaborative community apprentice programs with industry partners linked to each championship.
Exciting Race Events in Saudi Arabia
One of the key highlights of the Electric 360 collaboration is hosting exhilarating race events in Saudi Arabia in 2024, including the much-anticipated Formula E, which takes place annually in the historical city of Diriyah.
Diriyah E-Prix
In 2018, it was announced that Saudi Arabia would host an E-Prix in Diriyah, on the outskirts of Riyadh's capital, as part of a decade-long agreement with Formula E. As a result, the relationship between the Saudi government and government-owned entities has significantly strengthened.
The Formula E World Championship races are set to return in Diriyah on January 27th and 28th, 2024, with the highly anticipated Diriyah E Prix as part of the Diriyah Season. The exciting night races against the captivating historical backdrop of Diriyah, surrounding the At-Turaif UNESCO World Heritage Site.
The 2024 race is particularly special as it coincides with the 10th season of the FIA Formula E World Championship, adding to the overall anticipation around the event.
Extreme E
Extreme E, renowned for its off-road electric racing in extreme environments, will present new challenges in the kingdom. After three years of adrenaline-fueled racing, Extreme E is set to return for its fourth edition, promising heightened wheel-to-wheel action on some of the world's most formidable terrains.
As the 2024 season draws near, only one month is left until the start of Rounds 1-2 in Saudi Arabia. Season 4 is expected to deliver intense wheel-to-wheel battles, captivating audiences with its exciting performances on challenging terrains across the globe.
The E1 powerboat racing series, a revolutionary force in marine mobility, will also make its mark in Saudi Arabia. Along the Obhur Corniche in Jeddah, the competition exemplifies the unique intersection of electric power and water sports.
Additionally, Saudi Arabia's wide range of sporting events, such as the Formula 1 Grand Prix in Jeddah and the famous Dakar Rally, will contribute to its diverse sports portfolio. This showcases the kingdom's determination to establish itself as a top destination for international sports.
As PIF continues to expand its sports portfolio, the Electric 360 events in 2024 will further enhance Saudi Arabia's reputation as a global sports destination.
Saudi Arabia's commitment to progress, as evidenced by PIF's brand revamp and the Electric 360 partnership, exemplifies its dedication to driving transformation on a historical scale.
Continue Reading: Gear Up for The Diriyah E Prix 2024, Tickets Now On Sale
