Chinese renewable and smart energy giant Envision Group has become the majority owner of the DS Virgin Racing ABB FIA Formula E Championship team.
As revealed by e-racing365 in March, Envision has elected to invest in a Formula E team as it builds towards what is believed to be a long-term ambition of becoming a future manufacturer.
The confirmation of the deal comes ahead of Saturday’s Paris E-Prix.
Sir Richard Branson, founder of the Virgin brand, has recently spearheaded the Race Against Climate Change Innovation Summits, together with industry leaders, to discuss climate action and the need to transition to cleaner energy.
“This new venture forms the next chapter in our long-term vision for the Formula E team,” said Branson.
“Since the team’s inception, it has always focused on collaborating with like-minded ambitious brands, particularly those connected to the renewable energy sector, sustainability and electric vehicles.
“Envision and Virgin share the same vision for the future, using innovation to positively impact lives, and with their support I believe the team can continue to lead the way in Formula E.”
Envision has been monitoring Formula E for some time and held discussions with several teams about a buy-in to realize its long-term visions.
These include applying its philosophy of a ‘connected smart energy ecosystem’ in future mobility and transportation.
“The electrification of the transportation system means that the future of the energy and mobility sectors are intertwined,” said Lei Zhang, Envision Founder and CEO.
“Envision and DS Virgin Racing share an ambition to accelerate the energy transition, where everyone has access to clean, secure and affordable energy, with this investment we will work with the DS Virgin Racing Team to create the future of clean e-mobility.”
Headquartered in Shanghai, Envision is a global leader in renewable energy generation and smart energy management.
Envision owns the world’s largest Energy IoT platform, EnOS, currently managing 100 GW of energy assets globally.
The company is also the second largest wind turbine manufacturer in China and the seventh largest in the world.
DS Virgin Racing Team Principal Alex Tai believes that Envision’s acquisition of a majority stake in the team will be a significant milestone in its existence.
“Together with Envision we will showcase thought leadership and developing technologies which will power this transition and the future of transportation,” said Tai.
“Our racing team just became stronger with the addition of Envision and our purpose became more tangible.”