A new "Formula E" global series of city center electric car races will start in '14 after motor sport's governing body "licensed the commercial rights to a Hong Kong-based consortium," according to Alan Baldwin of REUTERS. London-based Spanish businessman Enrique Banuelos will be the lead investor in Formula E Holdings Ltd, with compatriot and fellow shareholder Alejandro Agag serving as CEO. British businessman Paul Drayson, "a former Science Minister and amateur racing driver" who runs Drayson Racing Technologies, is also involved in the project that will cost about €50M ($62.6M) to launch. The series, sanctioned by the Int'l Automobile Federation (FIA), will look to race in at least 10 different cities, including five in Europe. Some of the proposed locations around the world include Hong Kong, Shanghai, Beijing, Mumbai, Sydney, Cape Town, Rio de Janeiro, Moscow, Mexico City, Miami and L.A. The plans are for a grid of 10 teams and 20 drivers in '14 with an expansion to 14 teams the following year. Entrants will be able to "use their own cars or one based on a Formulec EF01 prototype, which has already achieved a top speed of 240kph" (REUTERS, 8/27).
