The Public Investment Fund (PIF), one of the most prosperous sovereign funds in the world, headed by Saudi Arabia, takes action to promote electric mobility. It will do so through a multi-year partnership, called Electric 360, with Formula E, Extreme E and E1 Series, the latter being powerboat racing with flying electric boats.
The new partnership – reads a note – “will bring together initiatives that highlight the power of electric motorsports to drive technological innovation and revolutionize sustainable transport and mobility of the future, while driving the reduction of carbon emissions”. Electric 360 will also promote educational opportunities related to the cutting-edge engineering of electric motorsports, as well as social and environmental programs.
“At PIF we believe in the power of partnerships and invest in innovative collaborations as part of our goal of investing for the better – explains Mohamed AlSayyad, Head of Corporate Brand at PIF -. These collaborations will improve the quality of people’s lives, offer opportunities to communities that we serve and will help advance our work as a catalyst for transformation. Together with these championship series, Electric 360 will redefine electric sport and enhance its growth, delivering tangible impact aligned with our broader business strategy, while PIF leads a new green technological innovation that will be the cornerstone of future electric mobility.”
Alejandro Agag, founder and president of Formula E, Extreme E and E1, who is preparing to launch the first world championship of electric flying boats on February 2nd from Jeddah, is satisfied: “This partnership is a huge milestone for us in our journey of pioneers of the most cutting-edge sustainable transportation technology, which takes our potential to the next level. PIF will not only play a strategic role in helping us leverage our unique technology platforms, but will also promote global collaboration, education and developing skills for the next generation around the world.”