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Hedge Funds Increase Bullish Bets On Oil

Hedge Funds Increase Bullish Bets On Oil

Money managers have accelerated buying…

McLaren to Supply Technology for Formula E Championship

Formula E is a new motorsport which will use electric cars. IT is intended to promote public awareness of electric vehicles, and at the same time increase the rate of development of EV technology.

McLaren, the Formula One team, has just announced that it will produce engines, transmissions, and the electronics for the electric race cars, which are all being assembled by Spark Racing Technology, the official supplier to the championship.

Martin Whitmarsh, the team principal at Vodafone McLaren Mercedes, said that he’s “a passionate believer in the role that motorsport can play in showcasing and spearheading the development of future technologies, and regard the Formula E concept as an exciting innovation for global motorsport.”

Related Article: EIA Predicts Cheap Gasoline in Time for Holidays

Formula E Holdings, which holds the rights to the Formula E Championship, has ordered 42 cars from Spark Racing Technology. The season is set to begin in 2014, with a grid of ten teams racing 20 cars through the streets of famous cities; each driver is expected to require to cars to complete the hour-long races.

Rio de Janeiro has already been confirmed as one of the host cities, while Miami and New York are being considered for the US. The Olympic park in London could also provide a potential venue.

By. Joao Peixe of Oilprice.com



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