ABB becomes Formula E title sponsor

LONDON, Jan. 9 (Xinhua) -- The Swiss technology company ABB assumes sponsorship of the world's first fully electric international single-seater Formula E Championship, the company revealed Tuesday in London.

The Formula E series, launched in Beijing in 2014, will be named "ABB FIA Formula E Championship" with the global pioneering technology company ABB bringing its name and technology to the series.

The long-term partnership is scheduled to run until 2025 and it is the first time that the International Automobile Association (FIA) has allowed a partner to label the series with a brand name.

ABB has not disclosed the sponsorship volume. Despite the involvement in the racing series, the company announced it had no plans to produce electric motors as it is shifting its focus on "more competitive, high growth digital business," an ABB representative told Xinhua.

The fourth edition of the Formula E Championship will see 10 teams and 20 drivers compete in 11 cities spanning five continents for the title of ABB Formula E champion. The next race takes place in Marrakesh on January 13, with the 2018 championship coming to a close in July.

Alejandro Agag, founder and CEO of Formula E welcomed the partnership, praised both ABB and Formula E as "synonymous with pushing the boundaries of what is possible." The two companies will "showcase breakthrough technology on a global scale to fans and consumers" in the ABB FIA Formula E Championship.

ABB and Formula E are "two pioneers [..] at the forefront of the latest electrification and digital technologies," ABB CEO Ulrich Spiesshofer said, adding that "together, we will write the future."

The partnership will position both companies ideally to develop e-mobility. Formula E serves as a competitive platform to develop and test e-mobility-relevant electrification and digitalization technologies, helping refine the design and functionality of electric vehicles and infrastructure as well as the associated digital platforms.

ABB's quick charging technology is already accessible to electric car drivers on the road at around 6,000 charging stations globally. For the next three years, the company will not bring any technology into the Formula E because of an ongoing contract signed with technology provider Qualcomm last year.

As title and technology partner of Formula E, the fully electric international FIA motorsport class, ABB is pushing the boundaries of e-mobility to contribute to a sustainable future.

ABB is a pioneering technology company in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport and infrastructure globally. ABB operates in more than 100 countries and regions with about 136,000 employees. Enditem