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Formula E Racing Series Highlights Power of Electric Vehicles

published: 2014-08-08 11:10

The world’s first fully-electric racing series kicks off in Beijing September 13, just one month after its groundbreaking technologies are discussed by its primary investor during the American Renewable Energy Day (AREDAY) Summit in Aspen, CO, August 10-13, 2014. The new FIA Formula E Championship will be represented by its primary investor - international company Veremonte - and the Executive Vice President Sven Hackman. He will talk about “The Transition from Combustion to Electric Vehicles” on August 13 at 10:30am. Robert Lavia, chief investment officer for Veremonte, will follow with a panel discussion on the new technologies, “Charting New Territory.”

FIA Formula E Championship is committed to becoming a testing ground for research and development around the electric vehicle. Global corporations are investing vast resources into battery life and efficiency of electric engines, resulting in technological breakthroughs. Hackman believes that the Formula E series can encourage more average drivers to make the switch from gas-powered to electric cars. 

This Championship represents a vision for the future of the motor industry over the coming decades, serving as a framework for R&D around the electric vehicle, accelerating general interest in these cars and promoting sustainability. The Formula E racing series is affiliated with the Fédération Internationale de l'Automobile (FIA), the governing body for motor sport worldwide. The championship centers around three core values – energy, environment and entertainment – and is a fusion of engineering, technology, sport, science, design, music and entertainment – all combining to drive the change toward an electric future.

The first half of the series will commence in September 2014 and run to June 2015. The Championship will compete in the heart of 10 of the world's leading cities - including London, Beijing and Los Angeles.

“Formula E is the realization of AREDAY’s 2014 theme, Accelerating Solutions for the Great Transition,” says Chip Comins, Chairman and CEO of the American Renewable Energy Institute (AREI) and founder of the AREDAY Summit. “The possibilities presented by an electric car race series stimulate the imagination.” In addition to the discussions on electric vehicles, Tesla and Mountain Chevy will be at the AREDAY Summit offering test drives with their electric cars. 

For the inaugural Formula E season, 10 teams, each with two drivers, will go head-to-head, creating a unique and exciting racing series designed to appeal to a new generation of motorsport fans. “There are a lot of ex-Formula 1 drivers, so driver line-up is quite impressive,” said Jarno Trulli, former Formula 1 driver, Grand Prix race winner, and current Formula E team owner and driver. “There are also good teams.” Among those teams are Venturi, Virgin Racing’s Sir Richard Branson and Andretti Autosport. Leading the electric vehicle revolution along with Formula e are global manufactures like Renault, Mahindra, Audi and BMW.

Fox Sports family of networks will show comprehensive live coverage of all 10 Formula E races - a potential audience of 180 million households worldwide. “The impact of this race series is huge,” says Comins. “Remember, auto racing is the largest spectator sport in the US, nearly doubling the number of NFL fans.”

The Formula E Championship is looking at what it can achieve in the immediate future, as well as the legacy it can help to create. According to an Ernst & Young impact report commissioned by Formula E Holdings, based on a low scenario using the period 2015-2040, here is what Formula E believes is possible over the next 25 years:

  • The sale of an additional 77 million electric vehicles worldwide, generating a further €142 billion sales in the automotive industry
  • A 17% increase in the market share of electric vehicles
  • The creation of 42,000 permanent jobs
  • A significant improvement in the quality of life in cities and savings of €25 billion on healthcare costs due to a reduction in pollution
  • 4 billion barrels of oil saved and 900 million tons of CO² avoided (the equivalent of Japan’s current consumption over 2.5 years)
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