Formula E’s ERT rebrands to Kiro Race Co following Forest Road acquisition

One of all-electric series' founding teams undergoes sixth name change in 11 seasons.


image

The ERT Formula E team will rebrand to Kiro Race Co from the 2024/25 season after being acquired by private investment firm Forest Road.


The Los Angeles-based investment firm has acquired 100 per cent of the Formula E team, with capital provided by David Kaplan and Bennett Rosenthal, co-founders of Ares Management.

The newly rebranded Kiro Race Co has also agreed a technical partnership with Porsche Motorsport, which will provide the team’s powertrains from next season.

The Silverstone-based outfit has been in Formula E since its inaugural season, but has competed under several identities since then, including China Racing, NextEV, and Nio.

Electric Racing Technologies, or ERT for short, was the team’s name for just one season. That said, this was an intentionally vague moniker in an effort to create a blank slate to attract potential investors – a strategy that appears to have paid off.

The team will race under an American licence but continue to use Silverstone as the base for its operations, while Kaplan will serve as the outfit’s managing partner.

“This is truly a historic moment for our team,” said Alex Hui, team principal of Kiro Race Co. “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.”

Forest Road cited Formula E’s ‘immense growth potential’ as a reason for its investment and also pointed to global TV viewership climbing 35 per cent last season and the series’ 17-race schedule next campaign.

“We are thrilled to enter The Formula E World Championship and start our journey as Kiro Race Co,” added 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.”

Forest Road will be looking to leverage its network to attract new partners to the team, while increasing awareness of electric racing in the US and globally. Those efforts will also be helped by a new race in Miami during the 2024/25 season.

Quote: October 15, 2024
Cian Brittle

https://www.blackbookmotorsport.com/news/kiro-race-co-ert-formula-e-forest-road-ares-takeover/