Formula E secures $100 million-plus title sponsorship

FILE - A Saturday, Dec. 2, 2017 file photo of Britain's Sam Bird from DS Virgin Racing competing during the Formula E Hong Kong ePrix auto race in Hong Kong. Formula E has signed a title sponsorship worth more than $100 million with Swiss technology company ABB. The seven-year contract through 2025 for the electric-powered motorsport series was announced on Tuesday, Jan. 9, 2017, in London. (AP Photo/Kin Cheung, File)

LONDON — Formula E signed a title sponsorship worth more than $100 million with Swiss technology company ABB on Tuesday.

The seven-year contract through 2025 for the electric-powered motorsport series was announced in London.

The ABB sponsorship "is a strong sign and proof of the attractiveness of this championship, which is still in its infancy," Jean Todt, president of motorsport governing body FIA, said.

The four-year-old electric series is trying to grab attention in a sport dominated by the long-standing petrol-based Formula One championship.

Although the cars are quieter compared to the ear-splitting, fuel-guzzling engines in F1, Formula E touts its environmentally friendly qualities and accessibility to fans.

Fans can walk to watch Formula E street races in Berlin, Buenos Aires, Hong Kong, Mexico City, Paris, and New York.

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