PIF and Formula E announce Driving Force global partnership ahead of Miami E-Prix, providing STEM education opportunities for youth
Supports PIF's leadership in advancing electric mobility through its unprecedented E360 partnership uniting Formula E, Extreme H and E1 electric powerboat racing
MIAMI – PIF and Formula E today announced their Driving Force partnership, 'Driving Force Presented by PIF,' a groundbreaking educational program focused on STEM learning and sustainability.
Driving Force Presented by PIF is a multi-dimensional learning program designed to engage and inspire students aged 8 to 18 on shaping the future of mobility through interactive workshops, hands-on learning experiences and digital resources. With in-person workshops taking place across the US, Saudi Arabia and the UK, and a comprehensive online learning program, the program will impact more than 50,000 students worldwide, marking its largest expansion since its launch in June last year.
Debuting today in South Florida ahead of the April 12th Miami E-Prix, the program demonstrates PIF's commitment to advancing sustainable mobility, made possible through E360, its first-of-its-kind partnership uniting Formula E, Extreme H and E1 electric powerboat racing. By inspiring the next generation of engineers, innovators and sustainability leaders, PIF is shaping the future of electric motorsport and sustainable technology.
Alejandro Agag, Founder and Chairman of Formula E, Extreme H and E1 said: 'Since introducing the PIF E360 partnership last year, Formula E and PIF continue to look for opportunities to make a positive, real-world impact. Driving Force Presented by PIF is an example of how PIF is not only elevating motorsports but also inspiring the next generation of talent through STEM education which plays a crucial role in inspiring future motorsport talent in sustainable mobility and green technology.'
Mohammed AlSayyad, Head of Corporate Brand at PIF, said: 'PIF is committed to supercharging the growth and transformation of electric motorsport and through our partnership with E360, we are collaborating with our partners to accelerate progress, maximize impact, and deliver powerful unified programs. For the first time, we are bringing together Formula E, Extreme H and E1 to expand the Driving Force program and drive transformative impact by empowering youth who are the innovators of tomorrow.'
Driving Force Presented by PIF
Driving Force Presented by PIF kicked off at Keys Gate Charter School in Miami and included a hands-on workshop packed with active learning for up to 90 students. The aim of the program is to provide access and opportunity for young people to explore a STEM career in motorsport and sustainability.
Supercharging Future Mobility
Driving Force Presented by PIF also marks the start of 'Supercharged,' PIF's transformative campaign focused on driving innovation and global progress through E360. E360 aims to redefine the future of electric racing and drive technological innovation while leading the way in green technological innovation that will be the cornerstone of future electric mobility.
About PIF
PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment.
And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future.
Since 2017, PIF has established 103 companies and is driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.
About Formula E and the ABB FIA Formula E World Championship:
As the world's first all-electric FIA World Championship and the only sport certified net zero carbon since inception, the ABB FIA Formula E World Championship brings dramatic racing to the heart of some of the world's most iconic cities providing an elite motorsport platform for the world's leading automotive manufacturers to accelerate electric vehicle innovation.
The Formula E network of teams, manufacturers, partners, broadcasters, and host cities are united by a passion for the sport and belief in its potential to accelerate sustainable human progress and create a better future for people and planet.
About ABB:
ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this 'Engineered to Outrun'. The company has over 140 years of history and more than 105,000 employees worldwide. ABB's shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
7 hours ago
- Arabian Business
Groq and Saudi's HUMAIN announce day zero launch of OpenAI's latest models
Groq, the Silicon Valley-based AI company, and HUMAIN, a PIF company and Saudi Arabia's leading AI services provider, have announced the immediate availability of OpenAI's two open models on GroqCloud. This will deliver gpt-oss-120B and gpt-oss-20B with full 128K context, real-time responses, and integrated server-side tools live on Groq's optimised inference platform from day zero. OpenAI's open models are live and already running on Groq. Try gpt-oss-20B and gpt-oss-120B today. Groq delivers 128K context and built-in tools such as code execution and browser search. For the first time, developers and enterprises can deploy open models backed by OpenAI… — Groq Inc (@GroqInc) August 5, 2025 Groq and HUMAIN launch OpenAI models Groq is the AI inference platform redefining price performance. Its custom-built LPU and cloud have been specifically designed to run powerful models instantly, reliably, and at the lowest cost per token—without compromise. Over 1.9 million developers trust Groq to build fast and scale smarter. HUMAIN is owned by the Public Investment Fund (PIF) and is a global AI company delivering full-stack capabilities across four core areas – next-generation data centres, hyper-performance infrastructure and cloud platforms, advanced AI models, including the world's most advanced Arabic multimodal LLMs, and transformative AI solutions that combine deep sector insight with real-world execution. In February this year at LEAP 2025, Saudi Arabia committed US$1.5 billion in funding to Groq for expanded delivery of its advanced LPU-based AI inference infrastructure. The agreement followed the operational excellence Groq demonstrated in building the region's largest inference cluster in December 2024. Brought online in just eight days, the rapid installation established a critical AI hub to serve surging compute demand globally. From its data centre in Dammam, Groq is now delivering market-leading AI inference capabilities to customers worldwide through GroqCloud, and the new announcement is another extension of that partnership. Groq's global data centre footprint across North America, Europe, and the Middle East ensures reliable, high-performance AI inference. Through GroqCloud, the new open models are now available worldwide with minimal latency. Groq's purpose-built stack delivers the lowest cost per token for OpenAI's new models while maintaining speed and accuracy. For a limited time, tool calls used with OpenAI's open models will not be charged. gpt-oss-120B is currently running at 500+ t/s and gpt-oss-20B is currently running at 1000+ t/s on GroqCloud. It is available at $0.15/M input tokens and $0.75/M output tokens. gpt-oss-20B is available at $0.10/M input tokens and $0.50/M output tokens. Groq has long supported OpenAI's open-source efforts, including the large-scale deployment of Whisper. This launch builds on that foundation, bringing their newest models to production with global access and local support through HUMAIN. Jonathan Ross, CEO of Groq, said: 'OpenAI is setting a new high-performance standard in open source models. Groq was built to run models like this – fast and affordably – so developers everywhere can use them from day zero. Working with HUMAIN strengthens local access and support in the Kingdom of Saudi Arabia, empowering developers in the region to build smarter and faster.' Tareq Amin, CEO at HUMAIN, added: 'Groq delivers the unmatched inference speed, scalability, and cost-efficiency we need to bring cutting-edge AI to the Kingdom. Together, we're enabling a new wave of Saudi innovation—powered by the best open-source models and the infrastructure to scale them globally. We're proud to support OpenAI's leadership in open-source AI.' To make the most of OpenAI's new models, Groq is delivering extended context and built-in tools like code execution and web search. Web search helps provide real-time relevant information, while code execution enables reasoning and complex workflows. The platform delivers these capabilities from day zero with a full 128k token context length.
Web Release
16 hours ago
- Web Release
ACWA Power announces the first half financial results for 2025
Saudi-listed ACWA Power, the world's largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, today announced its consolidated financial results for the six months ended 30 June 2025. The Company's adjusted net profit—attributable to equity holders of the parent—has increased by 62% (SAR 449 million) versus the comparable period of 2024 and reached SAR 1,172 million. The Company's reported net profit has on the other hand marginally dropped by 1.9% mainly due to an impairment charge in one of it's affiliated companies. Operating income before impairment losses and other expenses reached SAR 2,207 million, increasing by SAR 818 million mainly on account of higher development business and construction management services along with higher contribution from operations. ACWA Power has marked a remarkable first half of 2025 by signing nine Power Purchase Agreements (PPAs) totaling 20 GW of new power capacity, including 15 GW in July in Saudi Arabia as part of the country's renewable energy program under the framework of Vision 2030. In the water business, ACWA Power also signed two Water Purchase Agreements (WPAs), which will add 700,000 cubic meters per day (m³/day) of new desalination capacity once the projects reach their commercial operation dates. ACWA Power earlier had announced a Share Purchase Agreement (SPA) to acquire several power and water assets in Bahrain and Kuwait, adding 4.6GW power and 1.1 million m³/day water capacity on its advanced development portfolio. Once the transaction is closed, these capacities will account as operational since the acquired assets are fully operational. Marco Arcelli, Chief Executive Officer of ACWA Power, commented: 'What we've achieved so far in 2025 is a testament to our scale, agility, and long-term partnerships. Our growing portfolio, backed by frameworks like our strategic partnership with PIF, our bold entry into new markets, and other long-term strategic agreements for future energy corridors, are all pillars of our commitment to building a cleaner, more sustainable future.' Mr. Arcelli added, 'We have doubled in size over the past three years, and we expect to double again over the next five, as we continue delivering on our mission at greater scale and impact.' Abdulhameed Al Muhaidib, Chief Financial Officer, commented: 'Our strong pipeline conversions, operational performance, disciplined acquisitions, and the overwhelming response to our capital raise reflect robust and resilient steps in our business management. We are not only delivering value today, but we are also securing our position as a leader in tomorrow's global energy and water markets.' Complementing these achievements, a major milestone during this period was the successful completion of ACWA Power's capital raise through a Rights Issue, generating SAR 7.125 billion in proceeds. The issuance saw a 96% subscription rate and was nearly six times oversubscribed, reflecting strong confidence from both local and international investors in the Company's growth trajectory and long-term value creation. As a result, foreign ownership in ACWA Power has now increased to 4.27%, further broadening the Company's global investor base. During the period, the Company successfully achieved financial close for two projects, with a total investment value of SAR 2.4 billion, supporting ACWA Power's commitment to disciplined and impactful capital deployment. 3.3 GW of new power capacity and 600,000 m³/day of desalination capacity achieved commercial operation dates brought online, underscoring the Company's track record for completing the construction and bringing plants online across its global portfolio. Looking ahead, ACWA Power is laying the foundation for transformative growth in green hydrogen and renewable energy exports. The Company signed strategic agreements with global partners to develop a Green Hydrogen and Renewable Energy Export Corridor between Saudi Arabia and Europe, an initiative that aligns with both Vision 2030 and Europe's decarbonization goals. Moreover, ACWA Power is expanding its geographic footprint in Southeast Asia. Through recently signed MoUs and Strategic Partnership Agreements in Malaysia, the Company is exploring investment opportunities, with a focus on renewable energy, water, and hydrogen infrastructure. ACWA Power continues to accelerate toward its strategic goals, including reaching assets under management of USD 250 billion by 2030, expanding into high-potential markets, and delivering sustainable infrastructure that powers economies and improves lives. ACWA Power's interim financial statements for the six months ended 30 June 2025 issued by KPMG Professional Services (the Company's Certified Public Accountants), along with the Investor Report including a management's discussion and analysis on the financial results, are available on the Company's Investor Relations page at The Company hosted a conference call discussing the financial results and business updates on Thursday 31 Jul 2025 at 16:30 KSA / 13:30 GMT.
Zawya
a day ago
- Zawya
New Murabba and Alat sign MoU to develop innovative technology solutions for the Mukaab and beyond
PIF companies, New Murabba and Alat, have signed a Memorandum of Understanding (MoU) to explore the development and integration of advanced technology solutions to support the delivery of The Mukaab and other future technology requirements across New Murabba. The collaboration focuses on cutting-edge innovations designed to deliver an unparalleled immersive experience. The partnership will cover the integration of multiple technologies to create a transformative digital environment that enables visitors to experience A Gateway to Another World. It will also explore advanced vertical transportation solutions, including next-generation elevator and escalator systems, to enable seamless and intelligent mobility across The Mukaab and other New Murabba developments. The MoU will also explore optimal funding strategies for initial investments in hardware and R&D, while evaluating the feasibility of establishing reliable, flexible, and resilient production facilities within the Kingdom of Saudi Arabia. This will support the delivery of hardware and technology solutions aligned with New Murabba's localization objectives and timelines for The Mukaab and other assets. Additionally, it will include how best to address warranty, maintenance, and post-installation technology upgrades. Michael Dyke, CEO of New Murabba, said: 'This MoU marks a major milestone in our journey to deliver New Murabba and The Mukaab. Our partnership with Alat underscores our commitment to harnessing next-generation technologies that deliver exceptional experiences and support the creation of a smart urban destination.' Amit Midha, CEO of Alat, said: 'The MoU with New Murabba marks a bold step toward shaping the future of tech-enabled urban living. By uniting Alat's AI-driven hardware with New Murabba's visionary approach, we aim to deliver intelligent infrastructure and transformative experiences that align with Saudi Arabia's Vision 2030.' This strategic collaboration between the two Public Investment Fund (PIF) companies reflects a shared commitment to advancing technology localization and developing a next-generation smart urban ecosystem. Aligned with PIF's broader vision to drive innovation, economic diversification, and sustainable development, the partnership aims to enhance quality of life, accelerate digital transformation, and position Saudi Arabia as a global leader in future-focused innovation.
