At the end of 2019, Williams Grand Prix Holdings, owner of the Formula 1 team, announced the sale of a majority stake in the Williams Advanced Engineering division. British investment firm EMK Capital became the buyer, but Williams Grand Prix Engineering retained a minority stake.
In early 2022, Fortescue Metals Group, owned by one of the wealthiest businessmen in Australia, Andrew Forrest, bought shares in Williams Advanced Engineering from EMK Capital and Williams Grand Prix Engineering. The deal amounted to $222.3 million.
The acquired company was integrated into Fortescue’s clean energy business. Today it became known about the name change from Williams Grand Prix Engineering – now the company is called WAE Technologies and is no longer associated with Formula 1.
Craig Wilson, CEO of WAE Technologies: “We are entering a new phase of growth for the company, so it is time for a new name to position itself as a standalone company. Under the control of Fortescue, our mission is to drive progress and fight climate change with next-generation technologies.
We thank Williams F1 for all their support over the years and now move forward with a new chapter as WAE Technologies.”
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
