ELECTRIC POWERBOAT RACING: PIF Inks a Deal with Electric Marine Racing Company Limited
Posted on 06/08/2021
Saudi Arabia’s Public Investment Fund (PIF) disclosed a deal with Electric Marine Racing Company Limited “E1 Series” to create the world’s first electric powerboat racing championship.
According to the press release, “The news was revealed today during a virtual launch event, where E1 Series organisers also unveiled the new design of the electric RaceBird powerboat ahead of World Oceans Day on June 8,2021.
The partnership represents a significant step forward in the long-term development of the championship, providing a strong foundation on which to build from and enabling the series to further accelerate preparations for the inaugural season, scheduled to take place in early 2023, with Saudi Arabia to be one of the considered locations of the race.
As a major contributor to the global economy and the partner of choice for innovative companies and investors, PIF’s investment in the E1 Series is in line with its 2021-2025 strategy announced earlier this year, which focuses on 13 key strategic sectors, including Sports & Entertainment and Renewable Energy. This includes major investments in renewable energy companies such as ACWA Power and the Sudair Solar Energy project, as well as in the development of electric vehicles through its investment in Lucid Motors.”
Alejandro Agag, Co-Founder & Chairman of E1, said in the press release, “It gives me great pleasure to welcome on board PIF as a partner in this exciting venture. To get the backing of PIF at this early stage of development emphasises the importance of our mission to revolutionise marine mobility. With the new design of the RaceBird powerboat that you see today, we hope to accelerate change in the marine industry and provide sustainable solutions for future leisure craft. The new powerboat that Sophi [Horne] and Brunello [Acampora] designed looks like a spaceship. I have compared electric racing cars to podracers from Star Wars in the past, but the RaceBird looks even more futuristic. Working together with PIF, I look forward to ushering in a new era of electric powerboat racing.”
Agag is also the Chairman of Addax Capital LLP.
