The E1 World Championship, the all-electric powerboat series, is seeking €20 million to expand its fleet, grow its global race calendar, and increase media coverage. Reuters reported in July 2025 that the fundraising round was ongoing at that time, rather than closed.
Key Backers
The series is supported by Saudi Arabia’s Public Investment Fund (PIF) through its Electric 360 programme, which also backs Formula E and Extreme E. Forbes noted that this partnership gives E1 credibility and makes it easier to attract commercial sponsors and investors.
E1 has also secured global sponsorship. Bombay Sapphire is an official partner of the series’ “Blue Impact Championship.” High-profile team owners, including Tom Brady, LeBron James, Will Smith, and Rafael Nadal, contribute to media visibility and sponsor interest.
Funding to Date
According to PitchBook, E1 has previously raised around $27.9 million. The current €20 million round represents a significant step in supporting the series’ expansion plans.
Planned Use of Funds
The new funding is intended to cover:
- Construction and maintenance of RaceBird boats, the hydrofoiling electric prototypes used in competition.
- Logistics and operations for a larger global race calendar.
- Broadcast production to attract media partners and sponsors.
- While sponsorships contribute to costs, long-term success depends on securing media rights and generating consistent event revenue.
Ambitions and Risks
E1 has outlined ambitious growth targets. Challenges include permitting and regulatory requirements for coastal race locations, the technical complexity of hydrofoil boats, and the need to secure long-term media contracts.
Significance of PIF Support
PIF’s involvement provides both financial support and credibility. By linking E1 with Formula E and Extreme E, the Electric 360 programme signals that the series is part of a broader, state-supported initiative to promote electric motorsport.
What to Monitor
- Closure of the €20 million fundraising round and identification of any lead investor.
- Additional sponsorship and media agreements to increase recurring revenue.
- Expansion of the race calendar and confirmation of host cities.
- Regulatory or safety developments affecting high-speed electric hydrofoil boats.
Conclusion
E1 has strong institutional support, commercial partnerships, and high-profile team owners.
Achieving its growth objectives will require successful fundraising, sustainable media revenue, and careful operational management across a global racing calendar.
John Moore’s involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.