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ABB adds to series title rights with Porsche Formula E team deal

Industrial technology brand ABB has become a top-tier sponsor of the TAG Heuer Porsche Formula E Team with immediate effect.

Porsche Motorsport is in its inaugural year of racing in the Formula E Championship. ABB is in its third year as series title partner in a five-year deal worth about $25m (€22.5m) per season.

The new deal will see the two organisations commit to an exclusive partnership to jointly promote e-mobility. ABB will also receive branding rights on the re-designed Porsche race car with a prominent ABB logo on its front nose and rear.

Michael Steiner, member of the executive board, research and development of Porsche AG, said the agreement underlined Porsche’s ‘Mission E’ strategy, which includes an investment of €6bn ($6.6bn) in the field of e-mobility by 2022.

He described ABB as “the world’s technology and market leader for electric fast chargers” and said ABB will work with Porsche “on potential opportunities to support our customers’ growing demand for e-mobility”.

ABB chairman and chief executive officer Peter Voser race said that Formula E was the company’s test-bed for innovative electromobility technologies. Voser added: “And who better to partner with than Porsche – an iconic premium brand in the automotive industry. Together, we will drive progress in electromobility.”

Read this: ABB adds to fast-growing Formula E revenues

ABB and Porsche have already entered into an agreement to install fast chargers at Porsche Centers and public facilities across Japan. The first installation is set to go live in mid-2020.

In addition, the Swiss ABB Formula E Ambassador Simona De Silvestro is the current test and development driver for the Porsche Formula E Team.