Openbank sponsors the UPM Racing team’s new electric race car

Openbank, the 100% digital bank of Grupo Santander, has reached an agreement with the UPM Racing team of the Polytechnic University of Madrid to become the official sponsor of the electric monocoque chassis car, the UPM 04e, which will participate in the next edition of the Formula Student.

The vehicle, designed with a new fully electric propulsion system with one engine per wheel and the corporate image of the bank displayed across it, was developed and manufactured by 70 students in their final years at different schools of the Polytechnic University of Madrid. These students have developed a highly demanding engineering project in which they had to apply the knowledge they acquired, solve problems, define budgets and delivery times, as well as work as a team to prepare their vehicle for the competition.

After two years of intense work, the car has been presented at the Francisco Aparicio Izquierdo Automobile Research University Institute (INSIA, Instituto Universitario de Investigación del Automóvil Francisco Aparicio Izquierdo), the team's headquarters, before taking part in the Formula Student Germany. This international competition, which will be held from 16 to 21 August at the Hockenheim circuit (Germany), will test aspects such as the acceleration, resistance, and aerodynamics of the vehicle.

Openbank General Manager, Patricia Benito, stated: “Supporting initiatives that are focused on innovation and the constant development of smart, cutting-edge technologies is something we share with the UPM Racing team. We are very proud to be part of a family that is committed to a sustainable future and maintains a clear focus on technology and digital development”.

INSIA director, José María López, said: “Openbank is a leading benchmark in technological development and innovation. Its support in other categories of electrical motorsports makes it a partner with objectives and values that are perfectly aligned with ours. We hope this relationship will become a long-term project.”

This new agreement reaffirms the bank's commitment to the world of innovation, sustainable mobility, and motorsports through sponsorships such as the Openbank Angel Nieto Team in MotoE, which it has been supporting since 2019.

About OpenBank

Openbank is the 100% digital bank of Grupo Santander with more than 1.5 million customers in Spain, Germany, the Netherlands, and Portugal and €11 billion in deposits. The company offers a wide range of products, from loans and mortgages to a fully automated digital investment platform that customers can sign up to 24 hours a day, seven days a week via the website or app. It has managed to hold on to its position as the most highly recommended Spanish bank among its customers thanks to its simplicity, agility, and security. At present, the bank is immersed in its internationalisation plan and is finalising its entry into the Argentinian market.

About UPM Racing

UPM Racing is the largest student project within the Polytechnic University of Madrid. More than 70 students design, manufacture and compete with a 100% electric car and autonomous driving software. The project was created to supplement the students' practical training in a project in which they will face the challenges required to develop cutting-edge technologies in different fields of engineering.

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