Fortescue Zero Buys Penske Formula E Team
The move turns Fortescue from long-time supplier into a race operator to speed electrification R&D and it will increase Jaguar-powered entries to six if regulators approve.
Overview
- The takeover was reported this week and will see Fortescue Zero run the former Team Penske operation as a customer team using Jaguar’s Gen4 powertrain, subject to FIA and Formula E promoter approval.
- With Fortescue adding two cars, Jaguar-powered entries on the 2026/27 grid will rise to six, joining the factory Jaguar squad and Envision.
- Team Penske’s continuous presence in Formula E since the series began in 2014 ends with this sale and Fortescue will succeed Penske as the race operator.
- Fortescue Zero has supplied core technologies to Formula E for years, including the Pit Boost rapid-charge system and spec batteries in earlier eras, and says running a team will provide a live testbed for its battery, software and electrification work.
- Driver line-ups and final operational details remain unconfirmed, and the deal must clear formal ratification by the FIA and FEO before Fortescue’s two cars are formally entered for the Gen4 season starting in December.