Home > Sport > Motorsport
Thursday May 15, 2014 MYT 12:47:19 AM
Thursday May 15, 2014 MYT 12:47:37 AM
LONDON (Reuters) - The Formula E electric car racing series has raised 50 million euros (41 million pounds) from new investors including Californian technology company Qualcomm to help fund its launch this year, organisers said on Wednesday.
Qualcomm and Amura Capital, a private equity fund based in Andorra, are the main new investors ahead of the first race which is scheduled to take place around Beijing's Olympic stadium in September.
Featuring teams backed by Hollywood actor Leonardo DiCaprio and British entrepreneur Richard Branson, Formula E is designed to help boost the image and sales of electric cars..
U.S. investment group Causeway Media Partners, owners of the Boston Celtics basketball team, has already joined founders Alejandro Agag and fellow Spaniard Enrique Banuelos as backers of Formula E.
Three more investors are expected to sign up shortly.
"What started out as an idea, is now becoming a reality," Agag said in a statement.
"Formula E is moving closer to its goal to show fans around the world the true potential of electric cars."
Formula E races will be held in the centres of 10 major cities, with London and Buenos Aires on the calendar.
(Writing by Keith Weir, editing by Pritha Sarkar)
Hamilton puts the hammer down in final Spa practice
Briton Wilson 'critical', in coma
Ecclestone says no cut-price deal for Monza
Raikkonen gets five-place drop for gearbox change
Former Moto2 rider Zaqhwan eager to get back in SuperSports with Honda
Five unusual ways to build endurance for a marathon
Beverage brand hosts carnival-themed gathering in KL shopping centre
Chua: Treasury to look into the matter following appeals
Apple fast closing in on wearable device maker Fitbit
Copyright © 1995-2015 Star Media Group Berhad (ROC 10894D)(Formerly known as Star Publications (Malaysia) Berhad)