ABB, one of the world's largest engineering companies, has become title sponsor of Formula E series in $100m deal.

Announcing the multi-year partnership in London was the series' Founder and CEO Alejandro Agag and CEO of ABB Ulrich Spiesshofer.

Founded in 1988 through the coming together of ASEA of Sweden and Switzerland's BBC (formerly known as Brown Boveri), ABB has decades of experience at the forefront of digital technologies, with over 70,000 control systems connecting 70 million devices in over 100 countries.

With projects ranging from Solar Impulse, the first solar-powered flight around the world, to rapid electric car charging infrastructure and YuMi, the world's first truly collaborative human sized dual-arm robot, ABB has more than 125-years of experience in developing innovative technology for multiple industries.

"Our two companies are synonymous with pushing the boundaries of what is possible," said Agag. "With Formula E serving as a competitive platform for global car manufacturers and mobility providers to test and develop road-relevant technologies, both ABB and Formula E share the same vision of a future where electric mobility is the preferred form of transportation."

"Today, two pioneers are uniting," added Spiesshofer. "ABB and Formula E are a natural fit at the forefront of the latest electrification and digital technologies. Together, we will write the next phase of this exciting sports activity and foster high-performance teams."

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

With two rounds complete and another 12 remaining in the ABB FIA Formula E Championship, the announcement comes in the wake of Mercedes-Benz, Porsche and Nissan joining the series within the next year, adding to the list of car companies using Formula E to drive forward the development of road-ready mobility technology.

The news will also be welcomed by John Malone, chairman of both Liberty Media and Liberty Global, which along with Discovery Communications own 24.5% of Formula E.