Saudi Arabia’s sovereign wealth fund has entered into a partnership to create the world’s first electric powerboat racing competition.
The Public Investment Fund’s (PIF) deal with Electric Sea Racing Limited (E1 Series) was revealed on Monday during a virtual launch event.
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, a statement said.
It added that Saudi Arabia will be one of the considered locations of the race.
PIF said its 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 and 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 and chairman of E1, said: “To get the backing of PIF at this early stage of development emphasises the importance of our mission to revolutionise marine mobility… Working together with PIF, I look forward to ushering in a new era of electric powerboat racing.”
Rodi Basso, co-founder and CEO of E1, added: “We are thrilled to be working together with PIF to jointly shape the future direction of powerboating. Forming a strong partnership with a global investment powerhouse such as PIF provides a solid foundation on which to build a new sport.”
Yasir Al-Rumayyan (pictured above), governor of PIF, said: “This exciting investment in a new premier sport format aligns with our strategy to enable innovation globally and unlock new industries as well as build strategic partnerships with real value add to Saudi Arabia. We believe our support for future sports will also contribute to the growth of various sectors globally.
“Our partnership with E1 will help drive the development of innovative sustainable technology, which in turn positions Saudi as an enabler in the industries of the future and the creation of new opportunities.”
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