Alejandro Agag once held ambitions of becoming involved in F1 as a team owner, but has now been tabbed to head up the FIA's latest motorsport initiative - Formula E.

Having been linked to a bid to secure Spain's F1 television right with Flavio Briatore, the Spaniard surfaced as a potential saviour of the Super Aguri team in 2008, and a possible buyer of Honda's F1 interest later the same year. He then became involved in Adrian Campos' GP2 team and the F1 dream that has since morphed in backmarker HRT. Having assumed control of Campos' GP2 interest and renamed it Barwa Addax, Agag was then rumoured to be putting together his own F1 bid in 2011, but failed to make the jump from the feeder series.

He has resurfaced, however, as the first CEO of Formula E Holdings, which the FIA has entrusted with the control of its first 'green' motorsport initiative. FEH is being back financially by London-based entrepreneur Enrique Ba?uelos, with former MEP Agag also investing, along with 'environmental motorsport' enthusiast Lord Drayson and Eric Barbaroux, chairman of the French electric automotive company Electric Formula.

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Formula E will feature cars powered exclusively by electrical energy, which the FIA sees as the future of the motor industry. While the series will be open to any cars sanctioned as Formula E by the FIA, the FEH consortium will ensure that a spec car, based on the Formulec EF 01 prototype that is already up and running, will be available for any team wishing to race it. Demonstration runs of Formula E cars will start in 2013, followed by a full championship the year after. The governing body has set itself the aim of attracting ten two-car teams, with races to be staged in the heart of the world's leading cities.

"We are very pleased with the agreement reached with FIA," Agag commented, "We see this as a great opportunity to create a new and exciting spectacle mixing racing, clean energy and sustainability, looking to the future. We expect this championship to become the framework for research and development around the electric car, a key element for the future of our cities"

Hong Kong, Shanghai and Beijing, Mumbai, Sydney, Cape Town, Rio de Janeiro, Moscow, Mexico City, Miami and Los Angeles have all been mooted as potential venues for the series, with the Brazilian venue looking the favourite to stage the first ever Formula E event.

"I would like to thank all the parties involved," FIA president Jean Todt concluded, "This new competition at the heart of major cities is certain to attract a new audience. We are pleased with this agreement with Formula E Holdings as they bring a very strong experience in motorsport. This spectacular series will offer both entertainment and a new opportunity to share the FIA values and objectives of clean energy, mobility and sustainability with a wider and younger audience as."