• Formula E

Formula E gets £40m funding boost

ESPN Staff
May 15, 2014 « Wolff: Recent success at Monaco irrelevant | Ricciardo has earned 2015 drive - Horner »
The ten Formula E team principals at the Donnington Park launch of the series on Thursday © Getty Images

Formula E, the FIA's new environmentally-friendly alternative to F1, has been handed a further funding boost of €40 million ahead of its inaugural season, according to the Telegraph.

The all-electric series, which has teams backed by the likes of Alain Prost, Richard Branson and even actor Leonardo DiCaprio, kicks off at the 'Bird's Nest' Olympic Stadium in Beijing on September 13, part of a 10-race calendar also including races in Los Angeles, Monaco and London. The latest backers to lend support to the revolutionary series are Californian technology company Qualcomm and Amura Capital, an Andorran private equity firm.

On Thursday the 40 cars for the 2014/15 season were unveiled at Donnington Park. Former F1 drivers Nick Heidfeld, Jarno Trulli and Jaime Alguersuari are amongst the line-up for the forthcoming season.

Alejandro Agag, Formula E's CEO, said: "What started out as an idea is now becoming a reality. With the first cars delivered to the teams in just over a week, and works beginning around the Olympic Park in Beijing, Formula E is moving closer to its goal to show fans around the world the true potential of electric cars."

Testing for the new Formula E season will begin in July at Donnington Park.