Formula E, the new environmentally-friendly racing alternative to Formula One based in the UK, has received another boost with €50 million (£41 million) of funding.

The all-electric series, which will reveal its 40 new cars on Thursday at Donnington Park, begins around the “Bird’s Nest” Olympic Park in Beijing in September.

While organizers have claimed they are not treading on F1’s toes, they are at pains to emphasize the relevance of the technology, while F1 continues to bicker about whether to continue its “green” venture.

Californian technology company Qualcomm and Amura Capital, an Andorran private equity firm, are the main new backers.

The formula will race around 10 street circuits across the world for the 2014-15 season, with one in London.

Source: telegraph