The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has revealed a new extended partnership with Electric 360, Formula E, Extreme E, and E1 to promote the development of the electric motorsport industry in the kingdom.
The collaboration specifically aims to progress the sport’s role in the future of electric mobility.
In addition, the partnership will offer educational opportunities, along with community, social, and environmental programs.
PIF will actively support and expedite the implementation of PIF Electric 360, STEM initiatives, and community apprenticeship programs, according to Arabian Business.
Alejandro Agag, Founder and Chairman of Formula E, Extreme E, and E1, commented, “This unique partnership with PIF is a significant milestone for us in our quest to lead the most advanced sustainable transport technology. With numerous examples of the positive real-world impact of each series, this 360-partnership elevates our potential. PIF will not only strategically assist us in leveraging our distinctive technological platforms but also promote global collaboration, education, and skills development for the next generation worldwide.”
Mohamed AlSayyad, Head of Corporate Brand at PIF, stated, “At PIF, we believe in the power of partnerships, investing in innovative collaborations as part of our focus on ‘Investing in Better.’ These partnerships will enhance the quality of life for people, provide opportunities for the communities we serve, and help continue our work as a catalyst for transformation. Together with these championship series, Electric 360 will redefine electric sport and supercharge its growth, delivering tangible impact aligned with our broader business strategy as PIF drives new green technological innovation that will be the cornerstone of future electric mobility.”
