Aimed at supporting the growth of electric motorsports, Saudi’s Public Investment Fund (PIF) has announced ‘Electric 360’, a multi-year partnership with Formula E, Extreme E and E1 .
In line with PIF’s broader sponsorship platform. the new (E360) partnership will support initiatives that enable electric motorsports to drive technological innovation and promote carbon reduction.
PIF announces new brand revamp
PIF also announced the launch of its new brand revamp, which underscores its focus on driving transformation across the kingdom.
The new identity will now be used at all PIF partnership events, including E360 events.
The partnership will also promote educational opportunities tied to the advanced engineering of electric motorsports, as well as community, social programmes, and environmental stewardship.
Electric 360 objectives
The partnership will support the mission-driven objectives of all three series and facilitate:
- PIF Electric 360 thought leadership events, bringing together leading industry experts with the brightest minds to drive sustainable mobility change
- STEM initiatives globally to coincide with each championship series; and
- Community apprenticeship programmes with industry partners in each championship.
Alejandro Agag, founder and chairman of Formula E, Extreme E and E1 said: “This one-of-a-kind partnership with PIF is a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology. With so many examples of the positive real-world impact of each series, this 360-partnership takes our potential to the next level. PIF will not only play a strategic role in helping us leverage our unique technological platforms but also foster global collaboration, education, and skills development for the next generation worldwide.”
Mohamed AlSayyad, head of Corporate Brand at PIF, said: “Together with these championship series, Electric 360 will redefine electric sport and supercharge its growth, delivering tangible impact aligned with our broader business strategy as PIF drives new green technological innovation that will be the cornerstone of future electric mobility.”
In other news, PIF accounted for about a quarter of the almost $124bn spent by sovereign wealth funds worldwide in 2023.
PIF spent $31.5bn in 2023, based on a preliminary annual report from industry specialist Global SWF, which tracks the world’s sovereign investment funds.