Fortescue to enter Formula E after acquiring Penske team

Australian mining company Fortescue has announced plans to enter the Formula E World Championship by acquiring the Penske Autosport operation. If approved by the FIA and Formula E promoters, Fortescue would become the first Australian-owned team in the series.

Operating through its electrification arm, Fortescue Zero, the company intends to run a customer outfit using Jaguar’s Gen4 powertrain. This move expands Jaguar’s total presence on the grid to six cars. Fortescue has a long-standing relationship with the championship, previously serving as the official PIT BOOST partner providing rapid mid-race charging technology.

Company executives stated that motorsports serves as an incubator for developing and testing high-performance electrification technologies. These innovations are intended to be applied to heavy industry and commercial electric vehicles to assist in decarbonization efforts. The team aims to compete as early as the 2026/27 season, which will introduce fourth-generation cars.