HomeNewsBusinessFormula EChina

Chinese firm becomes majority owner of Virgin’s Formula E team

Chinese energy and technology company Envision has agreed a deal to become the new majority owner of Formula E electric car-racing team DS Virgin Racing.

Envision is headquartered in Shanghai and owns the world’s largest energy Internet of Things platform, EnOS. It is committed to delivering clean, secure and affordable energy and it is hoped its latest move will help further establish DS Virgin Racing as one of Formula E’s leading teams.

UK-based DS Virgin Racing was one of the founding teams of Formula E and has competed in every race since the series’ inception in 2014. Envision’s partnership with the team was announced ahead of yesterday’s (Sunday’s) Paris E-Prix.

Lei Zhang, founder and chief executive of Envision, said: “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.”

Virgin Group founder Sir Richard Branson added: “This new venture forms the next chapter in our long-term vision for the Formula E team. 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.”

Following yesterday’s Paris E-Prix, DS Virgin Racing sits second in the Formula E constructors’ championship behind Chinese outfit Techeetah.