The ERT Formula E team has been acquired by new American owners and undergone a rebrand for the upcoming season, where it will race under the banner of Kiro Race Co and run Porsche powertrains.
The team has been acquired by US-based investment firm The Forest Road Company, via additional capital from David Kaplan and Bennett Rosenthal, co-founders of Ares Management, and will race under an American licence for the 2024/25 campaign, which gets underway with Valencia pre-season testing next month.
It will retain its base at Silverstone and has also announced a new technical partnership with Porsche, running the German manufacturer’s 99X Electric powertrain which has been renamed the 99X Electric WCG3.
The unit will undergo an upgrade ahead of the new Gen3 Evo era, but essentially be an older spec than those used by the factory team and customer outfit Andretti, while Porsche will be the only manufacturer to supply three teams on the grid.
"This is truly a historic moment for our team,” said team principal, Alex Hui.
“Bringing a US-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.”
ERT, which stood for Electric Racing Technologies, officially joined the grid ahead of the 2023/24 season after the squad previously known as NIO 333 ended its collaboration with Chinese manufacturer NIO.
Prior to that, the team existed under various guises since the all-electric championship's formation back in 2014-15, which included NEXTEV/Team China Racing which won the inaugural drivers’ title with Nelson Piquet Jr.
The team struggled for performance last season, finishing 11th and last in the teams’ standings with Dan Ticktum and Sergio Sette Camara, with the former’s finish of fourth in Misano the best race result.
Kiro Race remains the only outfit on the grid yet to announce its driver line-up for the upcoming season, but this will be confirmed in the coming weeks.
Jeff Dodds, CEO of Formula E, added: "This is a fantastic development for Formula E and for Kiro Race Co.
“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."
