Formula E has confirmed a new title sponsorship with ABB Group at an official launch in London today.
The announcement confirmed initial reports on Sunday about the deal between the all-electric series and the multinational industrial technology giant.
The new collaboration between Formula E and ABB is the first time an FIA-sanctioned single-seater championship has had an entitlement sponsor.
The multi-year deal, rumored to be worth at least $15 million a year, will see ABB venture into front line international sports sponsorship for the first time.
ABB, based in Zurich, has a strong track record in the electrification of utility, industry, transport and infrastructure, with the Swiss city to host the Zurich E-Prix in June.
“This is a historic day for Formula E and I’m honoured to welcome ABB as the title partner of the series, with its background and expertise in the field of electrification and digital technologies,” saod Alejandro Agag, the Founder & CEO of Formula E.
“Our two companies are synonymous with pushing the boundaries of what is possible.
“Together, as partners, we will showcase break-through technology on a global scale to fans and consumers who follow the ABB FIA Formula E Championship.”
ABB Group CEO Ulrich Spiesshofer believes that two significant proponents of electrical engineering and e-mobility are coming together.
“We are extremely excited to partner with Formula E in writing the future of e-mobility,” he said.
“Today, two pioneers are uniting. ABB and Formula E are a natural fit at the forefront of the latest electrification and digital technologies.
“Together, we will write the next phase of this exciting sports activity and foster high-performance teams. Together, we will write the future – one electrifying race at a time.”
FIA President Jean Todt added: “Formula E continues to grow and in addition to its sporting and technical success, the tremendous level of excitement surrounding this new FIA discipline is tangible.”