DS Virgin Racing announced that China-based renewable energy and technology company Envision is to become its majority team owner.
The announcement was made ahead of the Formula E Paris E-Prix in which the team also hosted one of its Race Against Climate Change Innovation Summits to discuss climate action and the need to transition to cleaner energy.
Headquartered in Shanghai, Envision is a global leader in renewable energy generation and smart energy management. Envision owns the world’s largest Energy IoT platform, EnOS, currently managing 100GW of energy assets globally. It is also the second largest wind turbine manufacturer in China and the seventh largest in the world.
Virgin Group founder Sir Richard Branson commented: “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.”
Lei Zhang, founder and CEO 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.”
DS Virgin Racing has competed in every one of the 40 Formula E races since its inception and remains one of only a handful of teams to have recorded victories in every season to date. It currently holds second position in the teams’ standings, while team driver Sam Bird remains a contender for the championship title.