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.
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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.