FIA to licence out commercial rights of Formula E

The FIA has agreed to licence out the commercial rights of the Formula E electric championship it aims to launch in 2014

FIA to licence out commercial rights of Formula E

A consortium of international investors, among them Addax team owner Alejandro Agag and Drayson Racing managing partner Lord Drayson, will take charge of the series' commercial rights after reaching an agreement with the FIA.

The series will feature cars powered exclusively by electric energy, and will have an almost open rulebook - the main stipulation being a maximum battery weight of 300kg.

Eric Barbaroux, chairman of French company 'Electric Formula', and billionaire investor Enrique Banuelos are the other partners in the newly-created Formula E Holdings [FEH].

FIA president Jean Todt said he was confident the experience of the FEH parties would prove a massive benefit to the series.

"We are pleased with this agreement with Formula E Holdings as they bring a very strong experience in motor sport," Todt said. " I would like to thank all the parties involved.

"This new competition at the heart of major cities is certain to attract a new audience. This spectacular series will offer both entertainment and a new opportunity to share the FIA values and objectives of clean energy, mobility and sustainability with a wider and younger audience."

Addax owner Agag added: "We see this as a great opportunity to create a new and exciting spectacle mixing racing, clean energy and sustainability, looking to the future.

"We expect this Championship to become the framework for research and development around the electric car, a key element for the future of our cities."

Dyson Racing Technologies, which had also bid to become chassis and drivetrain supplier for Formula E, will act as scientific advisor to FEH.

"As a pioneer in electric motorsport, we believe that Formula E can become the world's first truly sustainable global racing championship, encouraging R&D, driving scientific innovation and promoting the adoption of zero-emission electric vehicles to improve air quality in our cities," Lord Drayson said.

The championship had originally been slated for 2013, but the cars are now expected to make only demonstration runs ahead of a planned launch in 2014.

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