Virgin Racing ninth team to enter Formula E

Richard Branson-owned Virgin Group Thursday announced it will be entering a team in the new fully-electric FIA Formula E Championship after signing an agreement with series promoters Formula E Holdings.

Based in Britain, the Virgin Racing Formula E Team will be headed by Team Principal Alex Tai and has the backing of Virgin founder Branson. Both have been involved in a number of pioneering technology projects in aviation, space and more recently racing. Virgin was involved in Formula 1 during 2010-2001.

"The launch of the FIA Formula E Championship is exciting news for racing fans but also for those that believe in developing the great electric cars of the future," said Branson.

"The need to create fast, dependable and durable race cars will help to accelerate the sector and showcase electric cars to a large global audience. With races around many famous city centres, I am expecting a lot of spectators, plenty of fun and some sparks flying as the competition hots up."

Virgin will now be put forward to the FIA for final approval as the ninth of ten teams to enter the new zero emission championship, racing in 10 city-centres around the world. They join IndyCar outfits Andretti Autosport and Dragon Racing, Asia's China Racing, Super Aguri and Mahindra Racing, and European squads Drayson Racing, e.dams and Audi Sport ABT.

Team boss Alex Tai said: "I'm absolutely sold on the concept of Formula E and believe that it is a great fit for the Virgin brand. The accessible nature of the series with its races being right in the heart of our great cities, should create a wonderful atmosphere."

Conceived in 1970 by Branson, Virgin is a leading international investment group which has gone on to grow successful businesses in sectors ranging from mobile telephony, travel, financial services, leisure, music, holidays and health and wellness.