Formula E Secures £75M In Backing From Swiss Technology Firm ABB

Formula E secured £75M ($101.5M) in backing in the "biggest sponsorship deal in its history," according to Jonathan Prynn of the London EVENING STANDARD. Swiss industrial technology firm ABB revealed in London on Tuesday that it will become the sponsor of the 14-race series, which will be renamed the ABB FIA Formula E Championship. The seven-year partnership will also see ABB "help develop electric vehicle technology." Formula E launched in Sept. '14 (EVENING STANDARD, 1/9). REUTERS' Shrivathsa Sridhar reported Formula E will hold a race in Switzerland in June, marking int'l motor racing's first return to the country "since it was banned there" in the '50s. ABB, which operates "mainly in the fields of robotics, power, heavy electrical equipment and automation technology," has the world's "largest base of fast-charging stations for electric vehicles." The first Formula E race of the year takes place in Morocco on Saturday (REUTERS, 1/9).