Saudi Arabia’s PIF backs electric racing through new deal

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has signed a multi-year partnership agreement with Formula E, Extreme E, and E1 Series. 

As per the agreement, dubbed “Electric 360” (E360), the PIF will sponsor the three series simultaneously with the aim to promote electric vehicle transition, sustainability goals, and all-electric racing. It will have branding presence at all events across the three series, while also working together with global and local brands on science and technology initiatives throughout the year.

Speaking about E360, Mohamed A Alsayyad, Head of Corporate Brand, PIF, commented:

“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.“

Alejandro Agag, Chairman of Formula E, Extreme E, and E1 Series, said:

“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.“