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Formula E becomes shareholder in Extreme E series

Formula E has moved to purchase a minority share in the newly formed Extreme E off-road SUV racing series, formed by the single-seat motorsport’s founder, Alejandro Agag.

The alliance between the two leagues will also aid in improving the fight against climate change, something that is of significant importance to the ethos of the competitions.

Agag has also welcomed Formula E’s chief executive, Jamie Reigle, to the board of directors at Extreme E, which will see him take the reins of the partnership between the two leagues and “maximise the potential of Extreme E.”

“It has always been my intention to have Formula E and Extreme E working closely together,” said Agag.

“The two series are very different but have a shared purpose as they fight alongside one another to counteract climate change.”

The Spanish businessman launched Formula E in 2014 and since then has seen a rapid growth in its popularity, earning world championship status by the International Automobile Federation (FIA) and becoming the first sport to achieve a net-zero carbon rating from the United Nations (UN).

Agag added: “Formula E and Extreme E stand out as sports founded with purpose. As we both race for better futures, a strategic partnership with Extreme E is a natural progression for Formula E.

“We are joining forces in our fight against climate change, while each continuing on our independent and complementary sporting paths.

“It’s an honour for me to be invited to join Extreme E’s Board of Directors and I’m committed to delivering the greatest impact for both businesses as we light up the world with the transformative power of electric racing.”

Despite its rise in success, during the 2019 season, Formula E Holdings, the motorsports’ parent company, posted a $11.6 million loss on record $177.6 million revenues.

Author: Jake Wilkin