By Ben Ezeamalu
LAGOS (Reuters) -The E1 World Championship, the world’s first all-electric powerboat racing series, made its African debut in Lagos on Saturday, marking a milestone in its global expansion.
The penultimate round of Season Two brings the series to its fourth continent. Lagos was chosen for its “energy, drive for change, and alignment with E1’s values of sustainability, tourism and technology,” CEO Rodi Basso told Reuters.
E1 plans to expand to 12 teams from nine and increase the number of races to 15 from seven. The championship is seeking 20 million euros ($23.48 million) of fresh capital and is targeting a valuation of 500 million euros by 2030. Talks with investors, including several high-net-worth individuals, are ongoing, Basso said.
“We’re not in a rush,” he said. “But we have a compelling plan to accelerate over the next three to four seasons.”
On the water, Team Rafa reclaimed the championship lead from Team Brady by a single point after finishing second in Saturday’s qualifying race. Team Brady is owned by National Football League legend Tom Brady and Team Rafa is associated with tennis star Rafael Nadal. Brady’s team was hampered by technical issues.
“Lagos will be the road to Miami,” Basso said, referring to the season finale.
Spectators welcomed the event. “It’s been a wonderful experience,” said Tade Adekunle, who works in marketing. “I’ve never seen this kind of water race before. The crowd turnout was massive.”
Sandra Chioma, a programme manager, praised the event’s impact on tourism. “It’s amazing to see Lagosians enjoy this sport. Lagos State is doing a fantastic job. I’ll definitely attend again.”
E1’s RaceBird boats use zero-emission electric propulsion and foil technology to reduce environmental impact. The series also supports coastal conservation and marine research, said Basso.
Celebrity owners also including basketball great LeBron James and Ivorian former soccer player Didier Drogba are helping drive global visibility. “Their reach is compelling,” Basso said. “It’s an insurance for growth.”
($1 = 0.8517 euro)
(Reporting by Ben Ezeamalu in Lagos; Editing by Matthew Lewis)
