Japanese technology company Teijin Group has agreed a multi-year sponsorship with Formula E team Envision Virgin Racing which will support the team’s participation in the all-electric racing car series.
The deal will see Teijin exchange know-how with the Formula E team in the fields of high-performance materials and products that will help improve the comfort of Envision Virgin Racing drivers.
In the future, Teijin will also explore new business opportunities through the development and provision of lightweight, high-performance automotive components. The sponsorship aims to raise awareness of the Teijin brand in related industries.
Tejin is located in the second-tier of Envision Virgin Racing sponsors, along with digital transformation firm Genpact. The brand is nevertheless likely to be paying more for its second-tier assets than the title sponsor, the multi-national conglomerate Virgin.
SportBusiness Sponsorship understands that Virgin’s title sponsorship of the team is worth less than €1m ($1.1m) per year. Having sponsored the team since Formula E’s inception, the discounted fee was agreed because energy brand Envision, the majority owner of Envision Virgin Racing, valued the brand association.
Envision Virgin Racing is one of the sport’s most successful teams with 11 wins and 26 podiums. The series has also provided a platform for the team’s ‘Race Against Climate Change’ initiative.
Jun Suzuki, president and chief executive of Teijin Limited, referenced the team’s wider goals, when he said: “By supporting Envision Virgin Racing, which competes in races with electric vehicles as a means of raising awareness of global warming, we will develop technologies and accumulate the know-how and solution capabilities required for future EVs that satisfy ever-stricter environmental regulations.”
Sylvain Filippi, managing director of Envision Virgin Racing, added: “Envision Virgin Racing aligns with like-minded, innovative, climate-focused brands and hence why we’re very excited to have The Teijin Group join our family.”
The next Formula E race takes place in Mexico City on February 15, where The Teijin Group will officially launch its full support for the UK-based team.
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