Latest news with #AlejandroAgag
Entrepreneur
01-08-2025
- Business
- Entrepreneur
E1 CEO Rodi Basso on Innovating the New Powerboat Racing Series
In just its second season, E1 is already making a name for itself as a global brand with far-reaching popularity. Entrepreneur traveled to Monaco to watch the E1 race, an all-electric international powerboat racing series that takes place in various locations around the world throughout the year. The league is in its nascent phase — just the second season — with major plans for expansion. While in Monaco, surrounded by picturesque views of the Mediterranean Sea, Entrepreneur interviewed Rodi Basso, the CEO and co-founder of E1, to learn about the strategy, vision and business objectives for this new boat-racing series. Here is that conversation, which has been edited for length and clarity. Entrepreneur: Tell me a little bit about the genesis of E1 – what inspired its creation, and how did you identify a market for electric boat racing? Basso: The E1 series is a new sport platform that is based on the idea of protecting and celebrating the [marine] lifestyle for future generations of people who either live near waters, lakes, oceans, rivers or go to nearby coastal areas to enjoy it. We come from the motorsport culture, where [with] a technological and data-driven approach, we have seen how much it can make a difference, not only in the sporting industry, but also in the commercial environment. And so, together with Alejandro [Agag] (co-founder and chairman of E1), we identified a gap in the marine industry. We wanted to build a new platform to showcase [and] test new solutions. And from now on, we will keep developing this platform in order to really have an impact. How would you describe E1's core business model? Where do the main revenue streams come from, and how do you see them evolving? We worked a lot on the strategy and the business model. I'm very passionate about this part. We base our business on the hosting fees. So, we select iconic places where there is funding for the race. Then, we own the boats, and we provide the teams [with] all the logistic services, high-level maintenance of the boats, all the telemetry and technology. The teams pay us in order to receive these services. And then, of course, sponsors and media. Now, the more we go forward, the more the media will notice us because the numbers are already quite impressive in terms of fans, viewers, digital media and broadcasters — we are very pleased with the results. And so, let's say in the region of 10-15 years, I expect media to become another big revenue stream, of course, with sponsorship as well. Image Credit: Shiv Gohil | Spacesuit Media You mentioned hosting cities. We are in beautiful Monaco right now. How do you go about selecting the cities that you want to partner with, and what makes a city a good fit for the E1 brand? Well, as I mentioned, E1 is about the lifestyle near the waters. So, we look for iconic places where everybody wants to go and visit. We are in Doha, Jeddah, Dubrovnik, Italy, Miami and Lagos soon — places where either there is a strong and deep culture of the marine lifestyle [or] the yachting lifestyle at all levels. We are not [targeting] one particular segment; we offer exclusive hospitality, but also a more open fan zone [where] everybody can come for free and feel a bit like celebrities while enjoying the show. So, it's important to be in iconic places where there is a lot of care for the future generations and the future of water mobility. Related: Want to Win in Business? Start Thinking Like a Race Car Driver Is there a dream city that you would love to expand E1 to? Asia is important. We want to be in Tokyo, Sydney, Singapore, Hong Kong, China, India. In Asia, there is a lot of culture about powerboating in general. So we come with this new product, and I am very curious to see the reaction of people there. For me, North America is also very important for the simple reason that 75% of the markets for leisure boating are in North America. We also have talents owning the teams, and many of them are based in America or are Americans — so that's another important part to expand. How does E1 differentiate itself from other racing leagues, both in terms of the fan demographics and commercial viability? Well, first of all, we started seeing the numbers and the statistics, and we [saw] a nice balance between the female and male fans watching our product. Also, in terms of generations, the center of gravity is between 25 and 30 years old, which is another good result. Of course, we talk to governments, we talk to big businesses that are interested in knowing more and having us, but in the meantime, it's very important to talk to the future generation because we want to make sure that we have fans in the future. So we have to attract them and somehow share with them everything that we have learned about technology, and also, the need for the blue economy. Entrepreneur note: The "blue economy" refers to the sustainable use of ocean and water resources for economic growth, improved livelihoods and jobs, while preserving the health of marine and freshwater ecosystems. You've brought on high-profile team owners like Tom Brady, Will Smith, Marc Anthony, LeBron James and Rafael Nadal. Talk a little bit about how the celebrity factor plays into the growth strategy for E1 as a global brand. It's an incredible honor and privilege to have team owners. They are inspiring people [who] have always been working at the edge of excellence in sports and entertainment — because this is also what we are [about]. They represent our ethos as well. We are also very pleased that they are part of E1 because they're interested in being part of an impactful project. And at the same time, they're interested in the business side, and they could see a good business to invest in, be part of and grow together. Their presence is unique in our proposition because by putting together all [their] followers, we reach 1.1 billion people who can watch our content through digital media. And [the owners] are active; they post, they interact and collaborate. For us, being only [in] season two, it's a massive advantage. Related: 'You Always Have to Reinvent Yourself': Tom Brady Just Revealed His Next Big Move What are some of the biggest challenges you've had to navigate in launching and scaling E1? In terms of challenges, in the very beginning, [we had] technical challenges in the definition of the foils, understanding how the foils work, and also finding the pilots, because now we have 18 pilots, nine teams, one male, one female, and they alternate. We are pretty new in the sports industry, and I'm very proud to say that [the pilots are] coming from 11 nationalities. That's an incredible asset for us. We built an academy, and in the end, you never know if the people are going to respond or not, if they were excited, and we were so pleased to have [about] 20 applications [for pilots]. And we were looking only for 20 pilots, so there was a very good result to start with. Then it's a completely brand new proposition, that is coming as a meeting point of motorsport, powerboating and sailing, and we wanted to get the best out of these three environments and also to attract the people who love being on the water and love racing. I think we selected the right people. We have an amazing team, and the events are developing themselves and working well. Entrepreneur note: "Foils" refer to a part of the boat that acts like underwater airplane wings — lifting the boat out of the water as it gains speed, reducing drag and increasing efficiency, speed and maneuverability. Image Credit: Birgit Dieryck | Spacesuit Media A major component of E1 is its environmentally conscious bent. Why was that so important to you, and how do you balance being environmentally sustainable with commercial success and scalability? I was working in other companies before; I'm an engineer, and I was a sales and marketing director at Magneti Marelli and a managing director at McLaren Technologies. [I've] always been working on new propulsion systems, electric and everything. I'm [also] very passionate about the water simply because I come from a southern city in Italy — Napoli — and I live and breathe the water lifestyle since I was born. So I combined competence and passion in order to build E1. And while building E1, I learned so much about how much we need to do for the water. We are also proud to have Carlos Duarte, an incredible scientist [with the] Japan Prize in marine biology and engineering, and he's telling us how much we need to do for coastal areas, water quality, for the blue economy and how many opportunities there are in terms of future jobs. So I am very, very passionate about this. I don't like to call it a strategy because when you do so, you've got a manager ticking boxes. It's the way we are; it's a culture while we are developing this new sport platform. Related: Sustainability Is No Longer a Choice for Your Business — It's a Core Business Strategy You talked about your background as an engineer. How are technology and innovation — both in terms of the boats themselves and digital engagement — harnessed to create business opportunities for E1? If we talk about digital, the first thing that pops up in my mind is digital media, and today, this is a massive way to reach people and to communicate our message. When I talk about innovation, it's not only about the boats; we have also innovated in our media product with some compelling AR and VR applications that we also use for business development. [We use] drones with the best possible resolution and video quality. We have [around] 100 people working on the content technologies, and that's all about digital. So, it's an important factor and opportunity for us to keep innovating in this field. My next [area of] interest is how we can use AI, because it's not only a buzzword, but it's something that is just happening. I'm very excited every time we can disrupt and differentiate ourselves through technology. E1 is very young, and in a sense, is sort of like a startup. How do you lead a team when you're inventing a category as you go, and what advice would you give to other prospective startup founders and CEOs? Well, with startups, it's always full-on, you know? Never a dull day. Everybody talks about passion. The passion is a spark for the vision, for the idea, but then, it takes a lot of hard work. People like to say, "Work smarter, not harder" — good luck with it. There is a lot of hard work. You need to select the right people and [give them] clear roles and responsibilities. It's something that I wish [for] everybody, that I wish [for] my sons, because it's an incredible journey when you actually know yourself much more under pressure. If this magic happens, then you'll be successful. So there are a few factors, but it is an amazing journey that I will do again. Join top CEOs, founders and operators at the Level Up conference to unlock strategies for scaling your business, boosting revenue and building sustainable success.
Time of India
26-04-2025
- Automotive
- Time of India
Formula E founder Alejandro Agag honoured to be shortlisted for Reuters Global Energy Transition Award
Formula E founder Alejandro Agag is a frontrunner in bringing clean technology to the world of motorsports, creating sustainable car racing and paving the way for a broader global shift toward eco-friendly innovation. Tired of too many ads? go ad free now The rise in electric car sales around the world is just one example of this growing trend. In recognition of his tireless efforts, Agag has been shortlisted in the Transition Advocator category at the Reuters Global Energy Transition Awards 2025. The awards ceremony will take place in New York on June 24. Alejandro Agag on being shortlisted for Reuters Award Alejandro Agag said in a statement via "To be recognised among the world's leading energy transition advocates is a huge honour. I've always believed that sport has the power to inspire change, and through motorsport, we've created a platform that pushes sustainable technologies forward while entertaining and educating at the same time. This nomination is not just a personal milestone, it's a recognition of the entire ecosystem working behind the scenes to deliver innovation at speed.' Alejandro Agag has achieved what once seemed unimaginable in advancing the case for sustainable energy through motorsport. He founded Formula E, the all-electric equivalent of car racing, which has grown into a massive success—especially with the arrival of Gen3 Evo cars. Formula E is currently in its 11th season, featuring 16 races. Expanding on this mission, Agag launched Extreme E, an off-road SUV racing series held in climate-affected regions. He also introduced E1, the world's first all-electric boat racing championship. E1 features RaceBirds, which reach high speeds using electric propulsion combined with foil technology. Tired of too many ads? go ad free now Next up is Extreme H, set to launch this year as the world's first hydrogen-powered motorsport championship. Also Read: Formula E's 11th season began in December last year and will conclude in July. The most recent race, Round 5, was held in Miami, with Pascal Wehrlein emerging as the winner. Rounds 6 and 7, a double-header, will take place in the motorsport hub of Monaco on May 3 and 4.
Asharq Al-Awsat
11-04-2025
- Automotive
- Asharq Al-Awsat
Saudi PIF, Formula E Announce Driving Force Global Partnership Providing STEM Education
The Public Investment Fund (PIF) and Formula E have announced their Driving Force partnership, 'Driving Force Presented by PIF,' a groundbreaking educational program focused on science, technology, engineering, and mathematics (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 to shape the future of mobility through interactive workshops, hands-on learning experiences, and digital resources. With in-person workshops taking place across the United States, Saudi Arabia, and the United Kingdom 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 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. 'Since introducing the PIF E360 partnership last year, Formula E and PIF continue to look for opportunities to make a positive, real-world impact,' said Formula E, Extreme H, and E1 founder and chairman Alejandro Agag. '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.' PIF Head of Corporate Brand Mohammed AlSayyad 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 started 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, which 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.
Arab News
10-04-2025
- Automotive
- Arab News
Saudi PIF and Formula E launch global STEM education initiative ahead of Miami E-Prix
MIAMI: Saudi Arabia's Public Investment Fund and Formula E announced on Thursday the launch of Driving Force Presented by PIF, an educational initiative designed to empower the next generation of engineers, scientists, and sustainability leaders. The announcement comes ahead of this weekend's Miami E-Prix. The initiative will roll out in schools across the US, Saudi Arabia, and the UK, offering hands-on STEM and sustainability education to students aged 8 to 18. Combining in-person workshops with digital resources, the program aims to engage more than 50,000 students globally by the end of 2025. The first session took place on Thursday at Keys Gate Charter School in South Florida, where up to 90 students took part in interactive workshops designed to ignite their curiosity in motorsport, engineering, and green technology. The debut aligns with PIF's broader mission of accelerating the development of sustainable electric mobility through its E360 partnership, which unites three high-profile electric racing series: Formula E, Extreme H, and E1 electric powerboat racing. Alejandro Agag, founder and chairman of Formula E, Extreme H and E1, praised the initiative's scope and ambition. 'Since introducing the PIF E360 partnership last year, Formula E and PIF continue to look for opportunities to make a positive, real-world impact,' he said. '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 the future of sustainable mobility and green technology.' Mohammed Al-Sayyad, head of corporate brand at PIF, echoed the sentiment. '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,' he said. '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,' he added. The launch of Driving Force also marked the beginning of 'Supercharged,' a new PIF campaign designed to amplify innovation and sustainability through the E360 platform, with a focus on driving technological advancement and positioning green innovation at the heart of future mobility solutions.
Zawya
10-04-2025
- Automotive
- Zawya
PIF and Formula E announce Driving Force global partnership ahead of Miami E-Prix, providing STEM education opportunities for youth
Will inspire future generations to shape the future of mobility, engaging more than 50,000 students by the end of 2025 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).
