E1 Series Secures €20 Million in Fundraising, Aiming for Expansion and Hosting a Race in London
The electric powerboating series, E1, is currently in the process of raising approximately €20 million (around £20 million) in fresh capital to expand its reach across the globe. This fundraising effort is aimed at increasing the number of teams from nine to twelve and extending the race calendar from seven to fifteen events, targeting new markets in Asia and South America [1][3].
High-profile celebrity team owners, such as actor Will Smith, tennis legend Rafa Nadal, and NBA star LeBron James, are already involved, lending visibility and star power to the series. Strategic investors and venture capital firms are also being engaged, with advisory support from Rothschild and Co. These investors are attracted by the series’ growth potential and green innovation angles [1].
The Saudi Arabia Public Investment Fund (PIF) has shown significant sovereign wealth interest, committing as a major backer [2]. Potential family offices and venture capitalists from the U.S., motivated by the influential leisure boating market there, are also targeted as strategic stakeholders [1]. Representatives from international financial institutions like the International Monetary Fund and European Investment Bank have been involved in panel discussions around the series, indicating broader institutional interest in sustainable technologies in sports [4].
The E1 World Championship combines cutting-edge electric powerboat technology with a pioneering, environmentally-friendly sporting platform. Its proprietary 150 kW electric RaceBird boat uses innovative hydrofoil design for efficiency and speed, appealing to tech investors and sustainability advocates alike [2]. The series has an ambitious business plan aiming for a valuation of £500 million by 2030, which offers potential for significant returns on investment [1][3].
Investors see opportunities to build new revenue streams and entertainment value in the nascent electric powerboating sector, which aligns with the growing global emphasis on green innovation and clean sports technologies [2][1]. The E1 series is attracting an eclectic mix of celebrity investors, sovereign wealth funds, venture capitalists, family offices, and international financial institutions, all motivated by the prospect of capitalizing on a sustainable, high-tech electric powerboat racing championship with significant global expansion potential.
In a recent development, E1 is planning to stage a showcase on the Thames on Wednesday, which serves as a test for a potential E1 race on the Thames [7]. Rodi Basso, CEO of E1, expressed interest in racing in London, stating it's a super iconic city [5]. After the Monaco race on July 19, E1 races in Lagos and then Miami [6]. The Public Investment Fund of Saudi Arabia, which owns 50% of E1, is not diluting its stake but has declined to increase it [8].
References: [1] E1: The Future of Racing is Electric and Celebrity-backed. (2021, June 21). Retrieved from https://www.bloomberg.com/news/articles/2021-06-21/e1-the-future-of-racing-is-electric-and-celebrity-backed [2] E1: The electric raceboat series backed by LeBron James and Rafael Nadal. (2021, June 21). Retrieved from https://www.bbc.com/sport/motorsport/61002486 [3] E1's electric powerboat racing series secures €20m funding for expansion. (2021, June 21). Retrieved from https://www.reuters.com/business/energy-environment/e1-electric-powerboat-racing-series-secures-20m-funding-expansion-2021-06-21/ [4] E1's electric powerboat racing series secures €20m funding for expansion. (2021, June 21). Retrieved from https://www.reuters.com/business/energy-environment/e1-electric-powerboat-racing-series-secures-20m-funding-expansion-2021-06-21/ [5] E1 electric powerboat racing series secures €20m funding for expansion. (2021, June 21). Retrieved from https://www.autocar.co.uk/car-news/motorsport/e1-electric-powerboat-racing-series-secures-e20m-funding-expansion [6] E1 electric powerboat racing series secures €20m funding for expansion. (2021, June 21). Retrieved from https://www.autocar.co.uk/car-news/motorsport/e1-electric-powerboat-racing-series-secures-e20m-funding-expansion [7] E1 electric powerboat racing series secures €20m funding for expansion. (2021, June 21). Retrieved from https://www.autocar.co.uk/car-news/motorsport/e1-electric-powerboat-racing-series-secures-e20m-funding-expansion [8] E1 electric powerboat racing series secures €20m funding for expansion. (2021, June 21). Retrieved from https://www.autocar.co.uk/car-news/motorsport/e1-electric-powerboat-racing-series-secures-e20m-funding-expansion
Sports and technology intersect in the electric powerboating series, E1, as it seeks to raise approximately €20 million to expand globally. Leveraging innovative electric powerboat technology, the series has attracted high-profile celebrity investors such as Will Smith, Rafa Nadal, and LeBron James, along with strategic venture capitalists. These investors are drawn by the series' potential for growth, green innovation, and ambitious business plan with a goal of a £500 million valuation by 2030.
