Fortescue Zero has acquired the Penske Formula E operation and announced plans to compete under a new Fortescue Zero racing and innovation team identity from the 2026/27 season.
The transaction was announced on 18 September 2026. Formula E says the proposed entry remains subject to approval by Formula E Operations and the FIA, so the team change is not yet unconditional.
Jaguar powertrain supply confirmed
Fortescue Zero says the team will use Jaguar powertrains for the GEN4 regulations. The company already works with Jaguar TCS Racing on battery technology and describes the new programme as a way to develop and demonstrate zero-emissions technology under competition conditions.
The announcement does not disclose the acquisition price, completion timetable, ownership structure or commercial terms of the Jaguar supply agreement. It also does not identify the drivers, operating name, sponsors or senior management for the 2026/27 entry.
The acquired Penske operation brings an existing Formula E platform rather than requiring Fortescue Zero to establish a team from scratch. The championship says the transaction transfers the operation to Fortescue Zero, while the regulatory approval process will determine whether the entry is formally accepted.
Racing and product development combined
Fortescue Zero positions the programme as both a race team and an innovation platform. The company says technologies developed through the project could support its wider work in batteries, power systems and zero-emissions products.
That is the company's stated objective, not a confirmed product roadmap. No road-vehicle programme, customer contract, production target or technology-transfer timetable was published with the announcement.
The material business development is the acquisition of an established Formula E operation by an energy-technology company, combined with a confirmed Jaguar powertrain plan. The remaining commercial and sporting structure should become clearer after regulatory approval and the publication of the 2026/27 entry list.