The all-electric race car league Formula E announced a partnership with Austrian tech and capital goods company Voestalpine on Tuesday to collaborate on new technologies in hopes of accelerating mass adoption of electric vehicles.
Voestalpine, which makes steel-based products and systems for technology-intensive industries such as automotive, will serve as a partner for certain ABB FIA Formula E Championship races in Europe for an initial two-year period starting with the 2018/2019 season (Formula E’s fifth season). The races it sponsors, expected to take place in major cities such as Paris, Berlin, Rome and Monte Carlo, will be named “voestalpine European Races.”
As part of their partnership, Voestalpine will help develop and test road-based technologies to speed-up the mass adoption of electric vehicles on a global scale. The two will also work in tandem to encourage technology transfer between automotive suppliers, manufacturers and customers.
The companies say this expands Formula E beyond a traditional sports league and entertainment company. It will also now be a “development laboratory” offering key insights into electromobility.
“Formula E is the most relevant platform to trial and test the latest technological innovations in the automotive sector and partnering with leading companies such as voestalpine allows the series to further develop in the field of e-mobility,” said Formula E CEO Alejandro Agag, in a statement.
The deal with Formula E gives Voestalpine an opportunity to expand in the fast-growing segment of electric drivetrains. The company’s auto segment has been a huge contributor to its growth in recent years. Voestalpine last month said total revenue climbed 17% year-over-year during the past three financial quarters, which it said was driven by gains in automotive and aviation segments.
“For years the automotive industry has been a key driver of innovation and growth at voestalpine,” said Voestalpine CEO Wolfgang Eder. “With our comprehensive automotive expertise we see huge potential to grow faster than in the traditional segments, especially in the electromobility sector. Both Formula E and voestalpine are international pioneers when it comes to literally putting tomorrow’s technologies on today’s roads, and making them ready for series production.”
Voestalpine is already a leading global supplier of electrogalvanized steel strip, an advanced pre-material used in the manufacture of electric motors. The company is currently working on a new production technique in which layers of wafer-thin high-tech electrical steel are bonded to form special components for electric motors, which would significantly increase the output efficiency of the electric powertrain compared with earlier designs.
It additionally makes ultra high-strength yet increasingly lightweight body parts that help to extend the range of electric vehicles by reducing their weight.
SportTechie Takeaway
Formula E has rocketed in popularity over the past few years and has attracted attention from younger demographics who are as much enamored by the technological innovation as they are the speedy cars.
Last month, halfway through Formula E’s fourth season, the league said it had experienced rapid growth among teenagers and young adults as it pushed video content through social channels. The world’s first league featuring fully-electric single-seater cars racing around city centers said the number of 13 to 17-year-olds viewing Formula E content on social channels jumped 347 percent year-over-year in the first half of the season; and 54 percent among young adults aged 18 to 24.
Formula E has positioned itself as a sustainable racing league and has leaned on the environmental consciousness of younger demographics to appeal to fans. It is furthering its appeal by using technology to make its cars faster and quieter.
Its growth comes at odds to a slowdown at the gas-guzzling racing league NASCAR, the premiere motorsport league in the U.S. that has struggled to attract new and younger fans. NASCAR recently started using technology to improve its operations and doubled down on content by implementing things such as first-person feeds from driver cars, 360 video of live events and social content. But the league nevertheless continues to struggle, and new reports emerged Tuesday that the French family who controls NASCAR is now working with Goldman Sachs to explore a potential sale.