Formula E takes Extreme E minority stake

Investment will align all-electric series’ sustainability efforts.

Formula E takes Extreme E minority stake

Getty Images

  • Jamie Reigle joins SUV series’ board of directors
  • Formula E’s CEO will lead on the strategic partnership with Extreme E

Formula E has become a minority shareholder in the new Extreme E off-road SUV racing series created by the all-electric motorsport’s chairman and founder, Alejandro Agag.

As part of the collaboration, the Spanish businessman, who is also Extreme E’s chief executive, said that the investment will help to combine each series’ sustainable mobility efforts.

The investment also sees Formula E’s chief executive Jamie Reigle join Extreme E’s board of directors where he will spearhead the strategic partnership between the two distinct all-electric series.

“It has always been my intention to have Formula E and Extreme E working closely together,” Agag (pictured) said. “The two series are very different but have a shared purpose as they fight alongside one another to counteract climate change.”

Formula E, which launched its first series in 2014, has grown in popularity over the past six years and was awarded world championship status by the International Automobile Federation (FIA) in December last year. The series also recently became the first sports property to achieve a certified net-zero carbon rating from the United Nations (UN).

Despite its rapid expansion, according to its financial filing in May, the motorsport’s parent company Formula E Holdings posted a loss of US$11.6 million on record US$177.6 million revenues for its 2019 season.