The Fédération Internationale de l’Automobile (FIA) has reached an agreement to license the commercial rights of the FIA Formula E Championship to a consortium of international investors, Formula E Holdings Ltd (FEH).
The Formula E championship will start in 2014 and involve 10 teams and 20 drivers, the aim being to draw competitors from traditional F1 teams, electric car companies and global brands.
“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. We are pleased with this agreement with Formula E Holdings as they bring a very strong experience in motor sport. 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 as well,” said Jean Todt, President of the FIA.
Formula E cars will be single seaters, able to reach speeds of over 220 km/h (137 mph) and an acceleration of 0 to 100km/h (0-62 mph) in three seconds.
The prototype vehicle developed by Formulec, a French maker of electric racing cars, is a two-gear machine that runs off lithium-iron batteries and weighs 780kg.
The Formula E can run for 25 minutes before needing charging, meaning drivers will have the use of a second car to complete the one-hour race.
Formulec will provide a prototype vehicle for teams to compete in 2014.
FEH, the new promoter, has as anchor investor London-based entrepreneur Enrique Bañuelos, and as CEO and shareholder former MEP and racing team owner Alejandro Agag, who has a long experience in the motor sport business. Also associated with the project are Lord Drayson, managing partner of Drayson Racing Technologies, and Eric Barbaroux, chairman of the French electric automotive company Electric Formula.[source: FEH]