Breaking: Formula E bombshell as Penske team acquired

Fortescue Zero is set to become the first Australian-owned team on the Formula E grid, after agreeing to take over the Penske Autosport operation for the 2026/27 season.

The mining giant's electrification arm has acquired the Penske Formula E team and will run it as a customer outfit using Jaguar's Gen4 powertrain, subject to approval from the FIA and Formula E's promoter, FEO.

The move will take Jaguar's presence on the grid to six cars in total, once Fortescue Zero's two entries are added to the four already fielded by the factory Jaguar squad and Envision.

Fortescue Zero already has a long-standing relationship with Jaguar as a technical partner, and has been involved with Formula E since the championship's early seasons, supplying technology including as the official Pit Boost provider for the past two campaigns.

The company's motorsport roots trace back to Williams Advanced Engineering, before it developed into an engineering business specialising in high-performance electrification, technology it now applies to commercial electric vehicles and heavy industry.

Penske confident Fortescue will move Formula E team forwards

Fortescue Growth and Energy CEO Gus Pichot said the switch from technology supplier to race team marks a natural progression for the company.

"For more than a decade Fortescue Zero has been the brains behind some of the groundbreaking technologies powering and transforming electric racing," said Pichot. "Now, we're going to show the world how we can compete on the track as well.

"Progressing from the pit lane to the grid is the next chapter in our motorsports story. We're here to race, to win and to innovate.

"At Fortescue, it's in our DNA to go to the extreme, push the limits and go further and faster than our competitors. For us, motorsports is more than just a chance to take home a championship trophy, it's a platform to develop, test and home in on the next great technologies that will transform industries beyond racing."

Fortescue Zero Electromobility chief technology officer Travis Hester said the switch to running a full team gives the company's engineers a new proving ground.

"Formula E is pushing electric racing to another level, creating completely new engineering challenge," he said. "That is exactly where we want to be, at the front of the grid, solving difficult problems and finding the next competitive advantage.

"Motor racing allows Fortescue Zero engineers to design & develop technologies at the cutting edge of performance and efficiency. Battery, software and hardware technology is proven in the harsh environment of racing, then efficiency applications applied throughout Fortescue's mining and energy portfolio, as well as Fortescue Zero's automotive and defence customers."

Penske Autosport owner Jay Penske said he is confident the team he built will thrive under its new ownership.

"We are proud of what we have built with this team and the people who have competed at the highest levels of elite racing."

"Fortescue Zero has a clear ambition for electric technology and motorsport and we know it will build upon the great foundations we have laid and lead to future success."

Formula E CEO Jeff Dodds welcomed the arrival of a long-time partner as a fully-fledged competitor, saying: "Fortescue Zero has been a vital technology partner for Formula E from day one, standing alongside us since the inception of the Championship."

"Formula E is far more than a race series, it's an incubator for peak performance and ground-breaking technology, and Fortescue Zero exemplifies both. We are excited to see the competitive edge and innovation they will bring to the GEN4 era of the ABB FIA Formula E World Championship."