Formula E has announced a seven-year, multi-million dollar title sponsorship deal with global technology company ABB.
It means that the all-electric championship will henceforth be known as the ABB FIA Formula E Championship. It is the first time an FIA-sanctioned single-seater series has had a title sponsor.
The announcement was made on Wednesday by Formula E founder and chief executive Alejandro Agag. He was speaking at the Saatchi Gallery in London, accompanied by ABB CEO Ulrich Spiesshofer.
"This is a historic day for Formula E and I’m honoured to welcome the global technology leader ABB as the title partner of Formula E," said Agag.
He singled out ABB's "background and expertise in the field of electrification and digital technologies.
"Our two companies are synonymous with pushing the boundaries of what is possible," he continued.
"Together, as partners, we will showcase breakthrough technology on a global scale to fans and consumers who follow the ABB FIA Formula E Championship."
Founded in 1988, ABB is a world leader in electrification, robotics and motion technology. Its projects range from Solar Impulse - the first solar-powered flight around the world - to the development of YuMi, the world's first truly collaborative human sized dual-arm robot.
ABB is also a global leader in electric vehicle infrastructure. It entered the EV-charging market back in 2010. Today it has a fast-growing global installed base of more than 6,000 fast chargers.
"ABB and Formula E are a natural fit at the forefront of the latest electrification and digital technologies,” said Spiesshofer.
"Together, we will write the next phase of this exciting sports activity and foster high-performance teams.
Spiesshofer described the sponsorship deal as "a natural fit between two pioneers at the forefront of the latest electrification and digital technologies."
"It perfectly supports ABB’s commitment to running the world without consuming the earth," a press statement from the company added. "By joining forces, we will be ideally positioned to push the boundaries of e-mobility.
FIA president Jean Todt was also enthusiastic about the news. He called the deal "a strong sign and proof of the attractiveness of this championship." He added that it would help “the development and expansion" of the series going forward.