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Formula E raises €50m from new backers for launch – E & T Magazine

The Formula E electric car racing series has raised €50m (£41m) from new investors to help fund its launch this year, organisers said today.
Californian technology company 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.
“Formula E is the perfect way to demonstrate the leading edge of technology of this next generation of environmentally responsible transportation,” said Steve Pazol, general manager of Wireless Charging for Qualcomm, which is also a technology partner of Formula E.
“We look forward to demonstrating our technology throughout the race series, including our Qualcomm Halo wireless charging on the Qualcomm Safety Car, and wireless data connectivity and other technologies on the race cars themselves.”
US 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 and three more investors are expected to sign up shortly.
More http://eandt.theiet.org/news/2014/may/formula-e-funding.cfm

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