January 9, 2018 / 12:26 PM / 3 months ago

Swiss engineering group ABB Ltd named Formula E title sponsor

(Reuters) - Swiss engineering group ABB Ltd has agreed to become the title sponsor of the environmentally friendly Formula E racing series until 2025.

Formula E will hold a race in Switzerland in June, marking the first time international motor racing returns to the country since it was banned there in the 1950s.

Swiss driver Sebastien Buemi was Formula E’s second champion in the 2015-16 season and the championship is also sponsored by Swiss bank Julius Baer.

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.

“We are extremely excited to partner with Formula E in writing the future of e-mobility,” ABB CEO Ulrich Spiesshofer said in a statement on Tuesday.

“ABB and Formula E are a natural fit at the forefront of the latest electrification and digital technologies.”

The first Formula E race of the year takes place in Morocco on Saturday.

Reporting by Shrivathsa Sridhar, editing by Ed Osmond

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