Virgin has announced ahead of Saturday's Paris E-Prix that it has sold its majority share in its Formula E team to Chinese energy firm Envision.

Virgin Racing entered Formula E for the championship's inaugural season before linking up with French manufacturer DS Automobiles from Season 2, becoming DS Virgin Racing.

The team has scored seven wins during its time in Formula E, but will now have a new majority owner in the form of Envision, which follows in the footsteps of fellow Chinese companies SECA and NIO in the championship.

"This new venture forms the next chapter in our long-term vision for the Formula E team," Virgin Group founder Sir Richard Branson said.

"Since the team’s inception, it has always focused on collaborating with like-minded ambitious brands, particularly those connected to the renewable energy sector, sustainability and electric vehicles.

"Envision and Virgin share the same vision for the future, using innovation to positively impact lives, and with their support I believe the team can continue to lead the way in Formula E.”

Lei Zhang, Founder and CEO of Envision, added: “The electrification of the transportation system means that the future of the energy and mobility sectors are intertwined. Electric vehicles, once integrated in the wider energy ecosystem, will be instrumental to enable the renewable energy transition.

"Envision and DS Virgin Racing share an ambition to accelerate the energy transition, where everyone has access to clean, secure and affordable energy, with this investment we will work with the DS Virgin Racing Team to create the future of clean e-mobility.” 

DS is set to cut ties with Virgin at the end of this season, with a switch to Techeetah understood to be on the cards, leaving the team's powertrain supplier for Season 5 still to be finalised.