Formula E secures $100 million-plus title sponsorship

At the Formula E New York City ePrix all-electric auto race in Brooklyn, on July 16, 2017. (Michael Noble Jr. / AP)

LONDON -- Formula E signed a title sponsorship worth more than $100 million with Swiss technology company ABB on Tuesday.

The seven-year contract through 2025 for the electric-powered motorsport series was announced in London.

The ABB sponsorship "is a strong sign and proof of the attractiveness of this championship, which is still in its infancy," Jean Todt, president of motorsport governing body FIA, said.

The four-year-old electric series is trying to grab attention in a sport dominated by the long-standing petrol-based Formula One championship.

Although the cars are quieter compared to the ear-splitting, fuel-guzzling engines in F1, Formula E touts its environmentally friendly qualities and accessibility to fans.

Fans can walk to watch Formula E street races in Berlin, Buenos Aires, Hong Kong, Mexico City, Paris, and New York.