AMERICAN POWER TAKES FORMULA E BY STORM!
In a groundbreaking move that shakes up the Formula E grid, U.S.-based investment firm The Forest Road Company has taken control of the ERT Formula E team, rebranding it as Kiro Race Co ahead of the upcoming Season 11. Backed by heavyweight financiers David Kaplan and Bennett Rosenthal, co-founders of Ares Management, the deal marks a significant American push into the fast-growing world of electric racing.
The acquisition comes on the heels of Liberty Global’s recent stake in Formula E, a major factor in Forest Road’s decision to dive into the sport. With the electric vehicle revolution gaining speed, Kiro Race Co is positioning itself as a future leader in the sport’s innovative and tech-driven landscape.
“We are thrilled to enter The Formula E World Championship and start our journey as Kiro Race Co,” said Jeremy Tarica, managing director of Forest Road. “The Championship is at a pivotal moment of maturation, both in terms of technology and global interest. We are committed to helping Kiro become a leading force in the industry.”
FROM CHINA TO AMERICA: KIRO’S TRANSFORMATION
Previously known as Team China Racing, NEXTEV, and most recently Nio, the team has a storied history, winning the inaugural Formula E season in 2014-15 with Nelson Piquet Jr. under a Chinese license. But now, with Kiro Race Co, the squad becomes the third American team on the grid, joining Andretti and DS Penske.
Despite the ownership shift, the team will retain its base at Silverstone in the UK but will lean heavily on its American roots as it embarks on this new era.
PORSCHE POWER FOR KIRO RACE CO
In a move that promises to up the ante, Kiro Race Co will partner with Porsche for its powertrains, marking a major technical shift. The team will no longer run its own power units but will instead benefit from Porsche’s cutting-edge technology, making Porsche the only manufacturer to supply three teams on the Formula E grid, alongside its factory outfit and Andretti.
Kiro Race Co team principal Alex Hui called the partnership a “historic moment” for the team, saying, “Bringing a U.S.-based asset management group like Forest Road into Formula E is a testament to the series’ growth and our team’s potential. Their investment allows us to build with confidence and compete at the highest level. We are excited to work with them and Porsche to achieve our goals.”
WHAT’S NEXT FOR KIRO? DRIVER LINEUP STILL IN THE AIR
While Kiro Race Co’s new ownership and technical partnership have generated excitement, the team remains the only one yet to announce its drivers for the upcoming season. Last season, as ERT, the team fielded Sergio Sette Camara and Dan Ticktum, with Ticktum securing the best result of fourth at the Misano E-Prix. Fans are eagerly awaiting news of whether the team will retain its current drivers or bring in fresh talent for Season 11, which kicks off in Sao Paulo on December 7.
FORMULA E CEO JEFF DODDS: “A FANTASTIC DEVELOPMENT”
Formula E’s CEO, Jeff Dodds, praised the arrival of Forest Road into the championship, calling it a pivotal moment for both the series and the team. “This is a fantastic development for Formula E and for Kiro Race Co. It marks the entry of a sophisticated investor group with a strong track record in the sports and entertainment industry. This investment will help us continue to grow the Championship and make it more attractive to fans and partners around the world.”
As Kiro Race Co gears up for its debut season under its new identity, the team’s bold ambitions, coupled with Porsche’s technical prowess, signal a thrilling new chapter in Formula E. Fans and competitors alike will be watching closely as the team sets out to challenge the established grid and carve its path to the top.
