New Formula 1 team: Hitech confirms application, new investor

Formulation 1 is within the early phases Search for new teams. Two further beginning locations from 2025 or later had been formally marketed originally of the yr. The FIA ​​wished to have the whole submissions on the desk within the first half of the 2023 season. With Hitech GP, one other staff has now publicly dedicated itself to such an utility.

Hitech is already well-known within the junior courses. Based in 2015 by Oliver Oakes, it now covers your entire system racing pyramid with F4, F3 and F2 and likewise affords quite a few motorsport companies. For instance, the staff was liable for utilizing the F3 automobiles on the FIA ​​Motorsport Video games.

Hitech is at the moment utilizing two Pink Bull Juniors in Formulation 2, Picture: LAT Pictures

Greater than 150 folks now work for the Silverstone-based staff. A separate analysis and improvement division works for car producers and different motorsport groups. So Hitech sees itself in the most effective place to cowl the final step on the system racing ladder – Formulation 1. The staff at the moment intends to compete within the premier class from 2026 if the contract is accepted.

Hitech sells staff shares to Kazakhstan

With a purpose to get began in Formulation 1, Hitech has additionally been in a position to land monetary assist once more. Kazakh entrepreneur and billionaire Vladimir Kim has taken over 25 p.c of the staff, Hitech confirmed in a press launch.

Kim’s fortune comes from mining, banking and aviation and is estimated by Forbes at $4.6 billion. He was the primary firm within the nation to record the Kazakh mining firm Kazakhmys, which primarily mines and processes copper, on the London Inventory Change. “I’ve had a private curiosity in motorsport for a very long time,” Kim explains of his funding.

So far, his firms have had sponsorship offers in boxing and tennis, and invested in hockey amenities in Kazakhstan. “We’ve got a longtime involvement within the sport, however that is our first international funding in motorsport,” mentioned Kim. “The dynamic enchantment, rising consideration, advertising alternatives for companies, and rising fan base align with my private and industrial ambitions.”

Hitech subsequent contender for Formulation 1 growth

Hitech has already accomplished 20 months of planning in terms of coming into Formulation 1. Ex-Ferrari engineer Dave Greenwood, at the moment Hitech’s head of particular initiatives, has been related to the venture as technical director. He was as soon as Kimi Raikkonen’s race engineer, then technical director for WEC groups. Extra skilled F1 names have already fallen.

Kim’s investment brings useful financial stability to Hitech. Before the Ukraine war, Dmitry Mazepin, widely known in F1 circles as the father of former Haas driver Nikita Mazepin, was a supporter of the team.

The process of examining the applications received is currently underway. The FIA ​​communicated at the beginning of the process that the first stage and the first screening should be completed by June 30, but the deadline for submitting the application is said to have been pushed back from April 30. Exactly how and when the process will continue remains to be seen.

Four teams have public interest. In addition to Hitech, the team of the American Michael Andretti is also in the running with the support of the US brand Cadillac. F1 veteran and ex-BAR team principal Craig Pollock is also vying for a spot with his ‘Formula Equal’ project, which aims to have an equal split of men and women. Finally, the Asian-American ‘Lky Sunz’ project has also expressed interest.

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Revealed : 2023-06-26 12:02:00

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