Syensqo has already joined the Formula E circus
Recently created, Syensqo announces that it will sponsor the DS Penske Formula E team. The contract is for a duration of 3 years and aims to enable Syensqo to enhance its innovation capabilities while adhering to sustainable development imperatives.
A few weeks after its successful initial public offering (IPO), Syensqo, an offshoot of the Solvay Group, announces its involvement in the Formula E World Championship by becoming a partner of the DS Penske racing team.
DS Penske is a historic team founded by Jay Penske in 2007. It made its Formula E debut in the 2014-2015 season under the name Dragon Racing. The association with the DS automobile brand of the Stellantis Group is more recent, established in 2022. In the 2022-2023 season, DS Penske had a strong performance, finishing 5th in the world championship, thanks to the 163 points accumulated by drivers Stoffel Vandoorne and Jean-Éric Vergne.
Syensqo positions itself in electric and hydrogen mobility
Syensqo is set to play on 2 fronts with this partnership. Firstly, it will leverage its innovation capabilities by using its polymers and composites to contribute to the lightweighting of race vehicles while participating in future technological advancements in electric propulsion. Secondly, it aims to gain visibility and enhance its brand image in a context of high performance rooted in sustainable development.
Ilham Kadri, CEO of Solvay, repeatedly emphasises that: «Solvay will create solutions essential to people’s daily lives, while Syensqo will be a company of explorers pioneering breakthroughs to drive progress.» She underscores that the new entity will play «a key role in the future of clean mobility, enabling the next generation of electric vehicle batteries and advancing green hydrogen and thermoplastic composites. Its activities are expected to lead to breakthroughs in bio-based solutions, natural ingredients, circular solutions, and more.»
With Formula E, Syensqo will gain worldwide visibility
Olivier François, head of DS Automobiles, expresses delight in this partnership focused on technological innovation and performance. It marks the calendar for the first round of the season scheduled for January 13, 2023, in Mexico City. The Formula E circuit will then move to Saudi Arabia, India, Brazil, Japan, Italy, Monaco, Germany, China, the United States, and finally, the United Kingdom.
Successful IPO for Syensqo
It is worth noting that Syensqo encompasses the innovative activities of Specialty Polymers, Composites, Novecare, Aroma, Technology Solutions, Oil & Gas, as well as the 4 growth platforms in batteries, green hydrogen, thermoplastic composites, renewable materials and biotechnologies. The businesses of the new entity generated approximately €7.9 bn in net revenue in 2022. The new group has recently received overweight recommendations from analysts at JP Morgan and Morgan Stanley.
