U.S.-based investment firm The Forest Road Company has taken over the ERT Formula E team, rechristening it Kiro Race Co ahead of the upcoming season.
The deal has been financed by David Kaplan and Bennett Rosenthal, co-founders of Ares Management, with the series’ recent acquisition by Liberty Global said to be a key factor in the media and renewable energy investors’ decision.
“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 from a macro and micro perspective.
“As the world embarks on a massive transition to electric vehicles, the race product has achieved a significant breakthrough in technology with the fastest accelerating single-seater cars. We are committed to helping Kiro become a leading force in the industry.”
While it will continue to be based at Silverstone in the UK, the team – which was previously known as Team China Racing, NEXTEV, and Nio, has raced under a Chinese license since the first Formula E season (which it won with Nelson Piquet Jr.) – but will now be the third American team in the category alongside Andretti and DS Penske.
Kiro Race Co will cease to run its own powertrains in its new era, instead entering into a technical partnership with Porsche, which will make it the third team to run the German brand’s technology in the series, alongside the factory TAG Heuer Porsche outfit and Andretti. The move will make Porsche the only manufacturer to supply three teams on the current grid.
“This is truly a historic moment for our team,” said Kiro Race Co team principal Alex Hui. “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 for the future and compete at the highest level. We are excited to work with them and Porsche Motorsport to achieve our goals.”
Kiro Race Co is the only team yet to announce its drivers for Season 11 of Formula E, which begins in Sao Paulo on December 7. As ERT, it fielded Sergio Sette Camara and Dan Ticktum last season, with Ticktum taking the team’s best result of the season with fourth at the first race of the Misano E-Prix.
“This is a fantastic development for Formula E and for Kiro Race Co,” said Formula E CEO Jeff Dodds. “It marks the entry of a sophisticated investor group with a strong track record in the sports and entertainment industry.
“This investment in the team and its ambitious new owners will help us continue to grow the Championship and make it more attractive to fans and partners around the world.”