E1 Series and PIF Announce Partnership to Create World’s First Electric Powerboat Championship

Electric Sea Racing Limited (‘E1 Series’) and Public Investment Fund (‘PIF’) have entered a partnership that will create the world’s first electric powerboat racing competition.

The news was revealed today during a virtual launch event, where E1 Series organisers also unveiled the new design of the electric RaceBird powerboat ahead of World Oceans Day on June 8,2021.

The partnership represents a significant step forward in the long-term development of the championship, providing a strong foundation on which to build from and enabling the series to further accelerate preparations for the inaugural season, scheduled to take place in early 2023, with Saudi Arabia to be one of the considered locations of the race.

As a major contributor to the global economy and the partner of choice for innovative companies and investors, PIF’s investment in the E1 Series is in line with its 2021-2025 strategy announced earlier this year, which focuses on 13 key strategic sectors, including Sports & Entertainment and Renewable Energy. This includes major investments in renewable energy companies such as ACWA Power and the Sudair Solar Energy project, as well as in the development of electric vehicles through its investment in Lucid Motors.

Series creators Alejandro Agag, Chairman of E1, and Rodi Basso, CEO of E1, were both joined live in the studio by the President of the Union Internationale Motonautique (UIM) Raffaele Chiulli, as well as SeaBird’s Founder Sophi Horne, and Founder & CEO of Victory Marine Brunello Acampora.

To learn more about the E1 Series and watch the event in full, visit – www.e1series.com

Alejandro Agag, Co-Founder & Chairman of E1, said: “It gives me great pleasure to welcome on board PIF as a partner in this exciting venture. To get the backing of PIF at this early stage of development emphasises the importance of our mission to revolutionise marine mobility. With the new design of the RaceBird powerboat that you see today, we hope to accelerate change in the marine industry and provide sustainable solutions for future leisure craft. The new powerboat that Sophi [Horne] and Brunello [Acampora] designed looks like a spaceship. I have compared electric racing cars to podracers from Star Wars in the past, but the RaceBird looks even more futuristic. Working together with PIF, I look forward to ushering in a new era of electric powerboat racing.”

Rodi Basso, Co-Founder & CEO of E1, said: “We are thrilled to be working together with PIF to jointly shape the future direction of powerboating. Forming a strong partnership with a global investment powerhouse such as PIF provides a solid foundation on which to build a new sport. The RaceBird presents a unique challenge and one that the teams at SeaBird Technologies and Victory Marine have delivered on. They have managed to develop an innovative powerboat with an eye-catching design and factored in practical solutions. Shortly we will also be announcing our powertrain and electronics partners; we’re on schedule to hit the water soon.”

Commenting on the announcement, HE Yasir Al-Rumayyan, Governor of the Public Investment Fund, said: “This exciting investment in a new premier sport format aligns with our strategy to enable innovation globally and unlock new industries as well as build strategic partnerships with real value add to Saudi Arabia. We believe our support for future sports will also contribute to the growth of various sectors globally.

“Our partnership with E1 will help drive the development of innovative sustainable technology, which in turn positions Saudi as an enabler in the industries of the future and the creation of new opportunities.”