New investor Qualcomm is already a technology partner of Formula E

Formula E raises �50m from new backers for launch

The Formula E electric car racing series has raised €50m from new investors to help fund its launch this year.

Californian technology company Qualcomm and Amura Capital, a private equity fund based in Andorra, are the main new investors ahead of the first race which is scheduled to take place around Beijing's Olympic stadium in September.

“Formula E is the perfect way to demonstrate the leading edge of technology of this next generation of environmentally responsible transportation,” said Steve Pazol, general manager of Wireless Charging for Qualcomm, which is also a technology partner of Formula E.

“We look forward to demonstrating our technology throughout the race series, including our Qualcomm Halo wireless charging on the Qualcomm Safety Car, and wireless data connectivity and other technologies on the race cars themselves.”

US investment group Causeway Media Partners, owners of the Boston Celtics basketball team, has already joined founders Alejandro Agag and fellow Spaniard Enrique Banuelos as backers of Formula E and three more investors are expected to sign up shortly.

"I would like to welcome the new investors that have joined us in this exciting venture. I want to thank them for their belief in this project, which will see the first ever low carbon cars racing in cities all around the world,” said Agag.

“What started out as an idea, is now becoming a reality. With the first cars delivered to the teams in just over a week, and works beginning around the Olympic Park in Beijing, Formula E is moving closer to its goal to show fans around the world the true potential of electric cars.”

Formula E races will be held in the centres of 10 major cities, with London and Buenos Aires on the calendar.

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