RIYADH — The Public Investment Fund (PIF) announced on Monday its agreement with the Electric Marine Racing Company Limited “E1 Series” to create the world’s first electric powerboat racing championship. The announcement was made during a virtual launch event, where E1 Series organizers also unveiled the new design of the electric RaceBird powerboat ahead of World Oceans Day on June 8. The partnership represents a significant step forward in the long-term development of the championship, providing a strong foundation on which to build from and enabling the series to further accelerate preparations for the inaugural season, scheduled to take place in early 2023 — with Saudi Arabia to be one of the considered race locations.As a major contributor to the global economy and partner of choice for innovative companies and investors, PIF’s investment in E1 is in line with its 2021-2025 strategy announced earlier this year, which focuses on 13 key strategic sectors, including sports and entertainment, and renewable energy. This includes major investments in renewable energy companies, such as ACWA Power and the Sudair Solar Energy project, as well as in the development of electric vehicles through its investment in Lucid Motors. The vessel is a completely new design and was co-created by Horne and Acampora following an extensive validation process. The RaceBird is inspired by nature and birds flying low over the water and features an outboard motor, enclosed safety canopy and hydrofoil technology. Commenting on the announcement, Yasir Al-Rumayyan, governor of the Public Investment Fund, said: “This exciting investment in a new premier sport format aligns with our strategy to enable innovation globally and unlock new industries, as well as build strategic partnerships with real value add to Saudi Arabia. We believe our support for future sports will also contribute to the growth of various sectors globally. “Our partnership with E1 will help drive the development of innovative sustainable technology, which in turn positions Saudi as an enabler in the industries of the future and the creation of new opportunities.” Alejandro Agag, co-founder and chairman of E1, said: “It gives me great pleasure to welcome on board PIF as a new partner in this exciting venture. To get the backing of PIF at this early stage of development emphasizes the importance of our mission to electrify marine mobility. With the new design of the RaceBird boat you see today, we hope to accelerate change in the marine industry and provide sustainable solutions for future leisure craft. The new powerboat that Sophi and Brunello designed looks like a spaceship. I’ve compared electric racing cars to podracers from Star Wars in the past, but the RaceBird looks even more futuristic. Working together with PIF, I look forward to ushering in a new era of electric powerboat racing.” Rodi Basso, c-Founder and CEO of E1, said: “We’re thrilled to be working together with PIF to jointly shape the future direction of powerboating. Forming a strong partnership with a global investment powerhouse such as PIF provides a solid foundation on which to build a new sport. The RaceBird presents a unique challenge and one that the teams at SeaBird Technologies and Victory Marine have delivered on. They’ve managed to develop an innovative powerboat with an eye-catching design and factored in practical solutions ready to go racing. Shortly we’ll also be announcing our powertrain and electronics partners; we’re on schedule to hit the water soon.” It is noteworthy that the Public Investment Fund is contributing to the development and enhancement of the entertainment, tourism and sports sectors within the Kingdom in line with the goals of Vision 2030, through its support for high-level sporting events such as sponsoring the World Heavyweight Boxing Championship and the Diriyah Race in Formula E.