Formula E, the world's first fully-electric motorsport series, is set to announce that investment funds have injected around £25m into the business according to an article in the Independent written by Christian Sylt.
It is another big boost for Formula E which launches in September and is being taken increasingly seriously within the racing industry.
Its Hong Kong-based parent company Formula E Holdings (FEH) is majority owned by Spanish real estate tycoon Enrique Banuelos and Formula E's chief executive Alejandro Agag. In December they sold around 10% of it for an estimated £12.5m to Causeway Media Partners, an American fund founded by venture capitalist Bob Higgins along with Wyc Grousbeck and Mark Wan, the co-owners of the Boston Celtics, the most successful team in the NBA basketball league.
"The Americans were one of a bigger round of investors," says Agag. "We have completed the round now and a number of investors came on board so there are others to be announced. Financial investors of the same size more or less. There are three investors. They are more funds than companies."
The Formula E cars have a top speed of 150mph and are powered by 300bhp electric motors made by McLaren. They will race in ten city-centre locations including Los Angeles, Miami, Monaco and London which will host the finale in June next year.