Formula E is to become a minority shareholder in the Extreme E off-road electric vehicle championship. Both parties note they have a natural strategic alliance that has been formalized by Formula E’s investment.
With Formula E’s minority investment comes a seat on the Extreme E board of directors, which will be held by Formula E CEO Jamie Reigle. Although the two businesses remain independent, they state that close collaboration between their leadership will allow a strategic partnership, as Extreme E CEO and Formula E founder Alejandro Agag also retains the role of Formula E chairman.
“Formula E and Extreme E stand out as sports founded with a purpose. As we both race for better futures, a strategic partnership with Extreme E is a natural progression for Formula E,” explained Reigle. “We are joining forces in our fight against climate change, while each continuing on our independent and complementary sporting paths. It’s an honor 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.”
Agag added, “It has always been my intention to have Formula E and Extreme E working closely together, spreading the message of electrification, environment and equality. The two series are very different but have a shared purpose as they fight alongside one another to counteract climate change. I’d like to welcome Jamie to the board of Extreme E and look forward to continuing our work together, this time to capture the momentum and maximize the potential of Extreme E.”
