Fortescue Zero Takes Over Penske Autosport for Gen4 Formula E Entry
Fortescue Zero is poised to make history as the first Australian-owned team on the Formula E grid after agreeing to take over the Penske Autosport operation ahead of the 2026/27 season.
The electrification arm of the Australian mining giant has acquired the Penske outfit and will run as a customer team utilizing Jaguarâs Gen4 powertrain. The acquisition remains subject to formal approval from the FIA and championship promoter Formula E Operations (FEO).
With this takeover, Jaguarâs powertrain footprint will expand to six cars across the field, combining Fortescue Zeroâs two entries with the four machines currently campaigned by the works Jaguar squad and Paysafe Envision. Fortescue Zero already holds an established technical relationship with Jaguar and has been part of Formula E since its early seasons, including serving as the official Pit Boost supplier for the past two campaigns. The company's engineering pedigree originates from Williams Advanced Engineering before evolving into high-performance electrification technologies for heavy industry and commercial electric vehicles.
Transitioning from Technology Partner to Entrant
Fortescue Growth and Energy CEO Gus Pichot emphasized that stepping up to full team ownership represents a natural evolution for the business.
âFor more than a decade Fortescue Zero has been the brains behind some of the groundbreaking technologies powering and transforming electric racing,â said Pichot. âNow, we're going to show the world how we can compete on the track as well.
âProgressing 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.â
Pichot added that motorsport serves as a vital platform to test and refine technologies designed to transform industries far beyond the circuit.
Engineering Proving Ground for Gen4
Fortescue Zero Electromobility chief technology officer Travis Hester highlighted the technical value of operating a frontline racing outfit, noting that testing battery, hardware, and software systems under severe motorsport conditions directly benefits applications across the company's mining, energy, automotive, and defence clients.
Penske Autosport owner Jay Penske expressed pride in the foundation built by his team, stating he is confident Fortescue Zero will build on that success. Meanwhile, Formula E CEO Jeff Dodds welcomed the arrival of a founding partner to the competitive ranks, citing excitement for the innovation the team will bring to the upcoming GEN4 era.
Simone Scanu
Heâs a software engineer with a deep passion for Formula 1 and motorsport. He co-founded Formula Live Pulse to make live telemetry and race insights accessible, visual, and easy to follow.