Formula E has announced a new, multi-year title sponsorship agreement with technology company ABB.

Since its inception in 2014, Formula E has raced without a title sponsor, but confirmed at an event in London on Tuesday it would be known as the ‘ABB FIA Formula E Championship’ from this weekend’s race in Marrakesh.

ABB is a Swiss-Swedish industrial technology company with a heavy involvement in vehicle electrification, robotics and automation, making a link to Formula E, the world’s premier all-electric single-seater championship, an attractive proposition.

The deal is reported to be worth in the region of $15 million per year to Formula E, acting as another boost following an influx of manufacturers over the past 12 months.

“We are extremely excited to partner with Formula E in writing the future of e-mobility,” Ulrich Spiesshofer, ABB CEO,  said. “Today, two pioneers are uniting. ABB and Formula E are a natural fit at the forefront of the latest electrification and digital technologies. Together, we will write the next phase of this exciting sports activity and foster high-performance teams. Together, we will write the future – one electrifying race at a time.”

Formula E continues to go from strength to strength having seen German giants Porsche and Mercedes announced last July they would be entering the series in 2019, joining the likes of BMW, Jaguar, Renault and Audi, all of whom already enjoy significant involvement.

Besides ABB, Formula E also enjoys partnerships with a number of major multinational companies including Swiss bank Julius Baer, German insurance company Allianz and financial titan Visa.

“This is a historic day for Formula E and I’m honored to welcome the global technology leader ABB as the title partner of Formula E, with its background and expertise in the field of electrification and digital technologies," Alejandro Agag, found and CEO of Formula E, said. "Our two companies are synonymous with pushing the boundaries of what is possible. Together, as partners, we will showcase breakthrough technology on a global scale to fans and consumers who follow the ABB FIA Formula E Championship.” 

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