DS Virgin Racing, one of the founders of Formula E, has announced that renewable energy and technology company Envision will be the majority team owner
The new venture demonstrates the team’s long-term ambitions and commitment to the all-electric street racing series and brings additional technological skill sets and capabilities to the team.
Headquartered in Shanghai, China, Envision is a leader in renewable energy generation and smart energy management. Envision owns energy IoT platform EnOS, which currently manages 100GW of energy assets globally.
It is also the second-largest wind turbine manufacturer in China and the seventh largest in the world. Envision’s goal is to deliver energy that is clean, secure and affordable.
“This new venture forms the next chapter in our long-term vision for the Formula E team,” said Virgin Group founder Sir Richard Branson. “Since the team’s inception, it has always focused on collaborating with like-minded ambitious brands, particularly those connected to the renewable energy sector, sustainability and electric vehicles.
“Envision and Virgin share the same vision for the future, using innovation to positively impact lives, and with their support I believe the team can continue to lead the way in Formula E.”
Lei Zhang, founder and CEO of Envision, commented: “The electrification of the transportation system means that the future of the energy and mobility sectors are intertwined. Electric vehicles, once integrated in the wider energy ecosystem, will be instrumental to enable the renewable energy transition.
“Envision and DS Virgin Racing share an ambition to accelerate the energy transition, where everyone has access to clean, secure and affordable energy. With this investment, we will work with the DS Virgin Racing Team to create the future of clean e-mobility.”
DS Virgin Racing Team principal Alex Tai added: “We’re delighted to welcome Envision to the team and to Formula E. Today’s announcement solidifies what we’ve always stated about the team which is our intent to win, and our desire to power innovation both on and off the track; with Envision we can help power innovation within the energy transition in which we are all engaged.”