Formula E

Agag finalises "Electric 360" sponsorship deal with Saudi Arabian PIF for Formula E, Extreme E & E1

Timo Pape

Timo Pape

The electric racing series Formula E, Extreme E and E1 announced on Monday that Alejandro Agag - founder of all three championships - has landed a major sponsorship deal. He has launched the "Electric 360" programme with the Saudi Arabian Public Investment Fund (PIF) in order to further develop electric motorsport.

The deal is reportedly set to run for several years - the official statement says "2024 and beyond" - and is worth several million US dollars. In return, the PIF will receive prominent branding at the races of all three series. There will also be various initiatives and E360 events. "PIF Electric 360 Thought Leadership Events", for example, will bring together leading industry experts to promote sustainable mobility.

"This unique partnership with the PIF is a major milestone for us on our journey to pioneer cutting-edge sustainable transport technology," says Alejandro Agag. "With so many examples of the positive impact of each series in practice, this 360-degree partnership takes our potential to the next level."

The Spaniard explains: "The PIF will not only play a strategic role in helping us to utilise our unique technological platforms, but also to promote global collaboration, education and skills development for the next generation worldwide."

Agag & the Saudis

Agag's proximity to Saudi Arabia is no secret. Formula E has been held annually in Diriyah, a city near the metropolis of Riyadh, since 2018. In addition to various sponsor partnerships in recent years, the two other racing series that Agag has launched are also close to the Saudi kingdom: Extreme E has previously been held races in Al'Ula and Neom, and this year for the first time in Jeddah. The first season of the E-Powerboat Series E1 will also begin there in a few weeks' time.

The sovereign wealth fund PIF wants to emphasise attributes such as inclusivity, sustainability, youth and technology through the partnership. "At PIF, we believe in the power of partnerships and invest in innovative collaborations as part of our focus on 'Investing in Better'," says Mohamed AlSayyad, Head of Corporate Brand at PIF. He speaks of a "catalyst for change".

From a sporting perspective, the focus is also shifting to Saudi Arabia these days, as Formula E will stage its races 2 and 3 in Diriyah on Friday and Saturday. The E1 and Extreme E racing series will be visiting Saudi Arabia in February - both for the start of their 2024 seasons.

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