Penske sells Formula E team to Fortescue Zero

The Penske name will disappear from the Formula E grid next season following Fortescue Zero’s acquisition of Jay Penske’s Penske Autosport team.

The mining and energy company will take over the team that raced as DS Penske for the last four seasons, becoming the first Australian-flagged team to compete in the championship – although it will remain based in Oxfordshire in the UK out of the same facilities.

“At Fortescue, it’s in our DNA to go to the extreme, push the limits and go further and faster than our competitors,” said Fortescue Growth and Energy CEO Gus Pichot. “For us, motorsports is more than just a chance to take home a championship trophy, it’s a platform to develop, test and home in on the next great technologies that will transform industries beyond racing.

“In racing every second counts, and innovations can be the difference between winning and losing. The same goes for decarbonising our mining operations.

“We need technology that can operate at extremes and push the limits. Without motorsports as an incubator and proving ground, we would not be as advanced in our decarbonisation journey as we are today.”

While Fortescue got its start in the mining industry, it is no stranger to motorsport and Formula E.

It acquired Williams' Advanced Engineering business in March 2022, rebranding it as Fortescue Zero just over two years later. Fortescue Zero provides the fast-charging technology for Formula E's Pit Boost pit stops, as well as the batteries used by all teams, and has been a service provider for the Jaguar factory team – a deal stretching back to its previous incarnation – since the brand entered the series in 2016.

“For more than a decade Fortescue Zero has been the brains behind some of the groundbreaking technologies powering and transforming electric racing,” Pichot said. “Now, we’re going to show the world how we can compete on the track as well.

“Progressing from the pit lane to the grid is the next chapter in our motorsports story. We’re here to race, to win and to innovate.”

The team will use Jaguar customer powertrains, becoming the third team to run the brand’s hardware after the works team and long-standing customer Envision Racing. Driver-wise, previous Penske driver Maximilian Guenther has already moved to Envision, but Taylor Barnard – who won the last race of last season, which was also the final race of the GEN3 era – is likely to remain, but it isn’t confirmed yet, with contractual details needing to be ironed out amid the change of ownership.

“Formula E is pushing electric racing to another level, creating completely new engineering challenges,” said Fortescue Zero Electromobility chief technology officer Travis Hester. “That is exactly where we want to be, at the front of the grid, solving difficult problems and finding the next competitive advantage.

“Motor racing allows Fortescue Zero engineers to design & develop technologies at the cutting edge of performance and efficiency. Battery, software and hardware technology is proven in the harsh environment of racing, then efficiency applications applied throughout Fortescue’s mining and energy portfolio, as well as Fortescue Zero’s automotive and defence customers.”

The seismic change brings an end to one of Formula E's longest-serving entries. It debuted as Dragon Racing in the very first Formula E season with Oriol Servia and Loic Duval sharing one car and Jerome d'Ambrosio – who scored the team's first win at the 2015 Berlin E-Prix – in the other.

After seasons with title backing from electric vehicle manufacturer Faraday Future and shoe brand GEOX, it ran under the 'Dragon/Penske Autosport' moniker in 2020-21 and 2021-22 before backing from Stellantis' DS Automobiles arrived in 2022-23. With the DS name also came Stellantis powertrains, having run its own in-house developed ones to limited success between 2016-2022.

All in all, Penske Autosport won six races and took a best finish in the teams' championship of second (2014-15).

And while it will be taking the place of an existing entry, Fortescue Zero Racing will be the second ‘new’ team on the Formula E grid next year with Porsche adding a second factory operation, bringing the grid back up to 22 cars after a season of 20 following McLaren’s exit at the end of the 2024-25 season.

“We are proud of what we have built with this team and the people who have competed at the highest levels of elite racing,” said Jay Penske. “Fortescue Zero has a clear ambition for electric technology and motorsport and we know it will build upon the great foundations we have laid and lead to future success.”

Formula E CEO Jeff Dodds expressed positivity that a company such as Fortescue, which has built its business on advancing sustainable technology both in and outside motorsport, has opted to join Formula E.

“Fortescue Zero has been a vital technology partner for Formula E from day one, standing alongside us since the inception of the Championship,” he said. “Formula E is far more than a race series, it’s an incubator for peak performance and ground-breaking technology, and Fortescue Zero exemplifies both.

“We are excited to see the competitive edge and innovation they will bring to the GEN4 era of the ABB FIA Formula E World Championship.”