FIA Formula E series secures $100 million-plus title sponsorship

The seven-year FIA Formula E championship title sponsorship contract with Swiss technology company ABB was announced in London.

Updated on: Jan 10, 2018, 16:29:00 IST

Associated Press, London | By Anonymous

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Formula E signed a title sponsorship worth more than $100 million with Swiss technology company ABB on Tuesday.

ABB logos are seen on the new livery of the FIA Formula E series car during a press conference at the Saatchi Gallery on Tuesday. (FIA Formula E via Getty Images)

The seven-year contract through 2025 for the electric-powered motorsport series was announced in London.

The ABB sponsorship “is a strong sign and proof of the attractiveness of this championship, which is still in its infancy,” Jean Todt, president of motorsport governing body FIA, said.

The four-year-old electric series is trying to grab attention in a sport dominated by the long-standing petrol-based Formula One championship.

Although the cars are quieter compared to the ear-splitting, fuel-guzzling engines in F1, Formula E touts its environmentally friendly qualities and accessibility to fans.

Fans can walk to watch Formula E street races in Berlin, Buenos Aires, Hong Kong, Mexico City, Paris, and New York.

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