The FIA has launched a race series for 10 teams of electric cars and 20 drivers starting in 2014 and planned to be held in cities that prioritize the environment and clean transport. It is hoped that existing F1 and other race teams, together with electric car producers and global manufacturers, will support the series.
Among the advisers are the UK's Drayson Racing Technologies that has pioneered an and Eric Barbaroux of French electric car producer, Formulec who runs a race series in his home country and will build a prototype.
The Hong Kong-based consortium, Formula E Holdings is led by Enrique Banuelos, a Spanish property developer who is alleged to have lost heavily in the 2007 property crash and who now operates out of Brazil. He will work with Alejandro Agag who will be the chief executive. Agag's London-based Addax investment already fields teams in GP2 and GP3 race series.