Formula E is set to embark on a major partnership with global industrial giant ABB Group, according to a report from Sky News.
Swiss-Swedish multinational corporation ABB majors in robotics, electrical engineering and automation technology.
With a headquarters in Zurich, which will host an E-Prix in June, the deal is reported to “be worth in the region of $15 million annually.”
The deal, which could see a title sponsorship status between Formula E and ABB, is expected to be made official in London on Tuesday morning.
ABB has a significant presence in electrification with several industries including electric car-charging points and large-scale grids. It is these two factors which is likely to have attracted the company to Formula E, motorsport’s fastest growing discipline.
The biggest stake in ABB Group belongs to the Swedish investment company Investor AB which is controlled by the Wallenberg family. The Wallenbergs are one of Europe’s most powerful families within banking and industrial business.
Should the deal be made official on Tuesday, it will come after a long list of well-known corporate entities has signed partnership deals with Formula E. These include Mumm champagne, Hugo Boss, VISA, Enel and Allianz, who have joined earlier advocates of the series – DHL, Julius Baer and Qualcomm.
Formula E’s corporate portfolio is sure to further consolidate its relationships with current and future manufacturers which have poured into the championship in recent years.
Mercedes and Porsche committed to long-term programs last summer, while Audi, BMW and Jaguar have also recently entered.
These names have joined founding OEMs or new startup EV companies such as NIO, while Renault will metamorphose into fellow alliance brand Nissan later this year.