The Williams Formula One team, which won the last of its nine championships in 1997, is selling technology to Porsche SE in an effort to raise funds for its race cars.
Williams is supplying a flywheel that recoups energy from braking for a prototype Porsche 911 GT3 R Hybrid race car, team chief executive Adam Parr said. Oxfordshire, England-based Williams said in November it was developing the system for road cars such as Tata Motors Ltd.’s Jaguar Land Rover.
The English team began diversifying its business into hybrid technology in 2008 to comply with new Formula One regulations and after posting losses totaling $77 million the previous two years.
“We are very hopeful it will turn into a great business,” Parr said in an interview. While the Porsche accord is “not anywhere near” $1 million, the hybrid business could provide “a significant contribution” to the team in three to five years, Parr said.
Alex Duff, Bloomberg News
