London & Riyadh: SABIC, a global leader in the chemical industry, has announced the launch of a major long-term sponsorship deal and innovation partnership with Formula E, the world’s first net-zero sport since inception. The partnership will be launched this weekend with title sponsorship of the 2022 SABIC London E-Prix, a double-header of races at the ExCeL London exhibition centre on 30 and 31 July in the ABB FIA Formula E World Championship.
SABIC Vice-Chairman and CEO, Yousef Al-Benyan, said: “We are excited to partner with Formula E. Our sponsorship will drive global visibility of the SABIC brand within a relevant, exciting and growing global sports platform. In addition we intend to collaborate closely with Formula E to integrate our sustainable solutions into their ecosystem and operations.”
He added: “This offers SABIC a unique opportunity to transfer our innovations from Formula E into the broader automotive and EV industries benefiting our customers and partners and demonstrating our ability to support the world’s transition to EV and a more sustainable future.”
The partnership aligns fully with the company’s broader sustainability strategy, which supports a circular carbon economy vision where all value chains of carbon-containing products loop back. It also resonates perfectly with electrification, one of the key pathways that SABIC has identified towards achieving carbon neutrality.
Formula E Founder and Chairman, Alejandro Agag, said: “We welcome SABIC to the ABB FIA Formula E World Championship. The 2022 SABIC London E-Prix is the beginning of a progressive and innovative partnership that will have a positive impact on our mission to drive sustainable human progress through the power of electric racing.”
The partnership also provides SABIC a unique platform to enable business engagement serving to reach partners across the automotive and EV value chains. Moreover, the partnership aligns perfectly with BLUEHERO™, the recently announced initiative which underscores SABIC’s commitment to support the shift to electric power, with the delivery of automotive polymer materials, solutions and capabilities for the optimization of EV battery systems as its first area of focus.
SABIC is a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia. It manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals.
SABIC supports its customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy.
SABIC recorded a net profit of SAR 23 billion (US$ 6.15 billion) in 2021. Sales revenues for 2021 totaled SAR 174 billion (US$ 46.6 billion). Total assets stood at SAR 318 billion (US$ 84.9 billion) at the end of 2021. Production in 2021 stood at 58 million metric tons.
The company has more than 31,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, SABIC has 10,090 patents and pending applications, and has significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South Asia and North Asia.
ABOUT FORMULA E
As the world’s first all-electric FIA World Championship and the only sport certified net zero carbon since inception, the ABB FIA Formula E World Championship brings dramatic racing to the heart of some of the world’s most iconic cities providing an elite motorsport platform for the world’s leading automotive manufacturers to accelerate electric vehicle innovation.
The Formula E network of teams, manufacturers, partners, broadcasters, and host cities are united by a passion for the sport and belief in its potential to accelerate sustainable human progress and create a better future for people and planet.