Envision becomes majority owner of Virgin Formula E team

Digital energy firm Envision will become the majority owner of Virgin's electric auto racing team DS Virgin Racing.

The team competes in the Formula E championship, a class of auto racing that uses only electric cars.

DS Virgin Racing today said that renewable energy company Envision would bring additional technological skill sets and capabilities to the team.

Shanghai-based Envision owns the world's largest energy internet of things platform EnOS, which manages 100GW of energy assets globally.

Read more: Sparking change: Formula E reveals plans to overtake motor sport rivals

It is also the second largest wind turbine manufacturer in China and the seventh largest in the world.

Richard Branson, Virgin Group founder said:

This new venture forms the next chapter in our long-term vision for the Formula E team. Since the teams inception, it has always focused on collaborating with like-minded ambitious brands, particularly those connected to the renewable energy sector, sustainability and electric vehicles.

Envision and Virgin share the same vision for the future, using innovation to positively impact lives, and with their support I believe the team can continue to lead the way in Formula E.

Lei Zhang, chief executive of Envision added: "The electrification of the transportation system means that the future of the energy and mobility sectors are intertwined. Electric vehicles, once integrated in the wider energy ecosystem, will be instrumental to enable the renewable energy transition.

"Envision and DS Virgin Racing share an ambition to accelerate the energy transition, where everyone has access to clean, secure and affordable energy, with this investment we will work with the DS Virgin Racing Team to create the future of clean e-mobility."

DS Virgin Racing team principal Alex Tai said today's announcement solidified the team's hunger to win and power innovation on and off the track.

"Together with Envision we will showcase thought leadership and developing technologies which will power this transition and the future of transportation. Our racing team just became stronger with the addition of Envision and our purpose became more tangible," he stated.

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