DS Virgin Racing Team Now Majority Owned by Chinese Renewable Energy Company Envision

DS Virgin Racing Formula E Team, an electric motor racing team under ownership of Virgin Group, announced that China-based renewable energy and technology company Envision is to become its new majority team owner.

The announcement was made ahead of the 2018 Formula E Paris E-Prix on April 28th. DS Virgin Racing says that Envision would bring additional technological skill sets and capabilities to the team. The team also hosted a “Race Against Climate Change Innovation Summit” to discuss climate actions and the need to transition to cleaner energy.

Founded in 2007 with headquarters in Shanghai, Envision is a global leader in renewable energy generation and smart energy management. Envision owns the world’s largest Energy IoT platform, EnOS, currently managing 100GW of energy assets globally. It is also the second largest wind turbine manufacturer in China and the seventh largest in the world.

Envison’s mission is to deliver clean, secure and affordable energy. Lei Zhang, founder and CEO of Envision, says: “The electrification of the transportation system means that the future of the energy and mobility sectors are intertwined. Electric vehicles, once integrated in the wider energy ecosystem, will be instrumental to enable the renewable energy transition. Envision and DS Virgin Racing share the ambition to accelerate the energy transition, where everyone has access to clean, secure and affordable energy. With this investment, we will work with the DS Virgin Racing Team to create the future of clean e-mobility.”

“This new venture forms the next chapter in our long-term vision for the Formula E team,” says Virgin Group founder Sir Richard Branson, “Since the team’s inception, it has always focused on collaborating with like-minded ambitious brands, particularly those connected to the renewable energy, sustainability and electric vehicles sectors. Envision and Virgin share the same vision for the future, using innovation to positively impact lives, and with their support I believe the team can continue to lead the way in Formula E.”

DS Virgin Racing Team Principal Alex Tai adds: “We’re delighted to welcome Envision to the team and to Formula E. Today’s announcement solidifies what we’ve always stated about the team which is our intent to win, and our desire to power innovation both on and off the track; with Envision we can help power innovation within the energy transition in which we are all engaged. Together with Envision we will showcase thought leadership and develop technologies which will power this transition and the future of transportation. Our racing team just became stronger with the addition of Envision and our purpose became more tangible.”

DS Virgin Racing has competed in every one of the 40 Formula E races since its inception and remains one of only a handful of teams to have recorded victories in every season to date. At Paris E-Prix, Sam Bird of DS Virgin Racing secured third place during today’s dramatic Formula E Paris E-Prix with the Briton clinching the final podium place on the last corner of the last lap. The result means the team maintains its momentum in the all-electric championship, claiming second place in both the teams’ and the drivers’ standings.