- The first electric powerboat championship will debut its inaugural season in early 2023, with the Kingdom of Saudi Arabia to be one of the considered locations of the race
- PIF continues focus on clean energy
London and Riyadh:
Electric Sea Racing Limited (‘E1 Series’) and Public Investment Fund (‘PIF’) have entered a partnership that will create the world’s first electric powerboat racing competition.
The news was revealed today during a virtual launch event, where E1 Series organisers also unveiled the new design of the electric RaceBird powerboat ahead of World Oceans Day on June 8,2021.
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, with Saudi Arabia to be one of the considered locations of the race.
As a major contributor to the global economy and the partner of choice for innovative companies and investors, PIF’s 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 & 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.
Series creators Alejandro Agag, Chairman of E1, and Rodi Basso, CEO of E1, were both joined live in the studio by the President of the Union Internationale Motonautique (UIM) Raffaele Chiulli, as well as SeaBird’s Founder Sophi Horne, and Founder & CEO of Victory Marine Brunello Acampora.
To learn more about the E1 Series and watch the event in full, visit – www.e1series.com
Alejandro Agag, Co-Founder & Chairman of E1, said: “It gives me great pleasure to welcome on board PIF as a partner in this exciting venture. To get the backing of PIF at this early stage of development emphasises the importance of our mission to revolutionise marine mobility. With the new design of the RaceBird powerboat that you see today, we hope to accelerate change in the marine industry and provide sustainable solutions for future leisure craft. The new powerboat that Sophi [Horne] and Brunello [Acampora] designed looks like a spaceship. I have compared electric racing cars to podracers from Star Wars in the past, but the RaceBird looks even more futuristic. Working together with PIF, I look forward to ushering in a new era of electric powerboat racing.”
Rodi Basso, Co-Founder & CEO of E1, said: “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. The RaceBird presents a unique challenge and one that the teams at SeaBird Technologies and Victory Marine have delivered on. They have managed to develop an innovative powerboat with an eye-catching design and factored in practical solutions. Shortly we will also be announcing our powertrain and electronics partners; we’re on schedule to hit the water soon.”
Commenting on the announcement, HE Yasir Al-Rumayyan, Governor of the Public Investment Fund, 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.”
-Ends-
For further information on the E1 Series please contact:
Sam Mallinson
Head of Communications
sam@e1series.com
+44 (0) 7766 033 521
About E1 Series:
The E1 Series is the world’s first electric powerboat racing series. The series was established to create an exciting, competitive racing platform to promote sustainable electric watercraft and reduce the environmental pressures being placed on the ocean, rivers and lakes.
The UIM E1 World Electric Powerboat Series will see up to 12 teams competing on the water
in spectacular global race locations. The pilots will tackle tight and technical circuits, reaching
speeds close to 50 knots (93 km/h or 58 mph) behind the wheel of the RaceBird powerboats designed by SeaBird Technologies and Victory Marine.
With ocean and sea freight responsible for transporting approximately 90 per cent of global trade, the E1 Series aims to act as a testing ground for electric powerboats and speed up the transfer of clean marine technologies.
Series organisers are continuing to accelerate preparations ahead of the eagerly anticipated inaugural season, scheduled to take place in early 2023. In the coming months, the E1 Series will focus on finalising details with candidate host cities and competitors, as well as working with the expert engineers at Victory Marine to develop, manufacture and assemble a full fleet of race-ready electric powerboats.
Stay tuned as the E1 Series continues its development throughout 2021. For the latest news and updates, follow @E1Series on Facebook, Twitter and Instagram.
More information about PIF can be found at: www.pif.gov.sa
Media Contact: media@pif.gov.sa
About the Public Investment Fund
The Public Investment Fund is one of the largest and most impactful sovereign wealth funds in the world, driving the economic transformation of Saudi Arabia for the benefit of its people while helping shape the future global economy. PIF is building a world-class portfolio through investments in attractive, long-term opportunities across diverse industries and asset classes internationally, while unlocking new sectors at home. PIF works alongside global strategic partners and renowned investment managers, and acts as the Kingdom of Saudi Arabia’s primary investment arm aiming toward generating long-term value for the Kingdom of Saudi Arabia in line with Vision 2030. More information can be found at www.pif.gov.sa
About RaceBird
Released ahead of World Oceans Day, the RaceBird acts as a symbol of the future ambitions of the E1 Series, to revolutionise marine mobility and reduce the pressures being placed on fragile underwater ecosystems across the world.
The next major milestone in the RaceBird development is in September when the covers come off the first full-scale model at the Monaco Yacht Show, before the start of prototype testing which is set to get underway later this year.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
