Chinese world leading renewable energy and technology giant Envision has become major team owner of DS Virgin Racing Formula E team.
There were talks about Chinese giant planing to join one of the Formula E racing teams on the way to perhaps even become a manufacturer in the future since March and now it is public, that Envision choose the team, which belongs among founding and most successful teams of the championship.
The announcement came ahead of Formula E Paris E-Prix and it was also attended by Sir Richard Branson, who will also lead one of the team's Race Against Climate Change Innovation Summits.
Virgin Group founder Sir Richard Branson commented: "This new venture forms the next chapter in our long-term vision for the Formula E team. Since the team's 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."
And Lei Zhang, Founder and CEO 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."