Formula E has taken on the Swiss based industrial group ABB as a title sponsor.
The deal is the first of its kind and will see the series renamed the ABB FIA Formula E Championship, adding to the growing number of sponsors entering the sport.
The value of the deal is unknown but analysts have suggested it could be in the region of $15 million.
Speaking at the announcement of the deal in London today, series founder Alejandro Agag praised what he saw as an historic agreement.
He said, “This is a historic day for Formula E and I’m honoured to welcome ABB as the title partner of the series, with its background and expertise in the field of electrification and digital technologies.
“Our two companies are synonymous with pushing the boundaries of what is possible.
“Together, as partners, we will showcase break-through technology on a global scale to fans and consumers who follow the ABB FIA Formula E Championship.”
The CEO of ABB, Ulrich Spiesshofer, said that the deal made sense to the company due to the similar ethos held by both organisations.
“We are extremely excited to partner with Formula E in writing the future of e-mobility,” Spiesshofer said.
“Today, two pioneers are uniting. ABB and Formula E are a natural fit at the forefront of the latest electrification and digital technologies.
“Together, we will write the next phase of this exciting sports activity and foster high-performance teams. Together, we will write the future – one electrifying race at a time.”