Saudi PIF to sponsor worlds first electric powerboat championship

The E1 series is still in early development stages of the race, and the championship is slated to happen in 2023, with the Kingdom as one of the potential venues.

The partnership is aligned with Saudi Arabia’s goals to invest in 13 key strategic sectors, including sports and entertainment, as well as renewable energy.

“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,” Yasir Al-Rumayyan, the Fund’s governor said in a statement.

The founders of E1 said they were excited about getting support from a “global investment powerhouse.”

“To get the backing of PIF at this early stage of development emphasizes the importance of our mission to revolutionize marine mobility,” E1 chairman Alejandro Agag said.

The partnership was announced during a virtual event where E1 organizers also launched the new design of the electric RaceBird powerboat.

“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 … Working together with PIF, I look forward to ushering in a new era of electric powerboat racing,” he added.