E1 World Championship Seeks Fresh Capital for Electric Powerboat Racing Expansion

The E1 World Championship, a pioneering electric powerboat racing series, is actively pursuing a fresh capital infusion of 20 million euros. This capital is intended to help the series, already endorsed by high-profile names in the sports and entertainment world, to further its global expansion.

Notable team owners include celebrities such as actor Will Smith, tennis legend Rafa Nadal, and NBA icon LeBron James. The series, spearheaded by CEO Rodi Basso, aims to grow from nine to 12 teams and increase its racing calendar from seven to 15 events, targeting new venues in Asia and South America. Their ambitious goal is to achieve a valuation of 500 million pounds by 2030.

Rothschild and Co. are advising E1, with efforts underway to engage numerous venture capital firms and family offices. While the series experiences interest from the U.S., particularly the influential leisure boating market, Basso highlighted the potential for strategic stakeholders to play a pivotal role in the championship's growth.

(With inputs from agencies.)