Openbank renews sponsorship of UPM Racing's new electric car

Openbank, the 100% digital bank of the Santander Group, has renewed its sponsorship for the second year running of the Polytechnic University of Madrid’s UPM Racing team, which has unveiled the UPM 04E EVO, a new electric car that will take part in two of the most prestigious Formula Student competitions: Formula Student East (7-12 August in Hungary) and Formula Student Germany (14-21 August in Germany).

The car is a new version of the UPM 04E and retains the monocoque chassis, the one-engine-per-wheel set up and the bank’s logo on its body. It also incorporates new suspension and aerodynamic improvements to achieve greater reliability and endurance.

This cutting-edge engineering project was worked on by 70 final-year students from the various schools of the Polytechnic University of Madrid. These students had to apply their knowledge, overcome problems, establish budgets and meet deadlines to ensure the Formula Student car, which can go from 0 to 100 km/h in under 4 seconds, is race ready.

After a year of non-stop work, the race car was unveiled at the Francisco Aparicio Izquierdo University Institute of Automobile Research (INSIA), the team’s headquarters, after coming second in the best autonomous car design category at Formula Student United Kingdom, held on the legendary Silverstone circuit.

Patricia Benito, Openbank General Manager, says: “Initiatives that have innovation and the continuous development of smart and cutting-edge technology at their core is something that unites Openbank and the UPM Racing team. We are very proud to be part of a family that is committed to a sustainable future and that has a clear focus on technology and digital development.”

Francisco Javier Páez, deputy director of INSIA, says: “Optimising an all-electric race car and the future implementation of a self-driving system are major innovation challenges. The UPM Racing project is able to continue developing leading technology thanks to sponsors like Openbank.”

This new agreement, along with other sponsorships like that of the Openbank Angel Nieto Team in the MotoE class, which it has supported since 2019, reflects the bank’s commitment to innovation, sustainable mobility and motorsport.

About OpenBank
Openbank is the 100% digital bank of the Santander Group. It has over 1.7 million customers in Spain, Germany, the Netherlands, Portugal and Argentina and holds over €11 billion deposits. The bank offers a wide range of products, from loans and mortgages, to a fully automated digital investment platform that customers can sign up to 24/7 through the website or app. Openbank maintains its position as the most highly recommended Spanish bank among its customers thanks to its simplicity, agility and security. The bank is continuing to focus on its internationalisation plan.

About UPM Racing
UPM Racing is the largest student project within the Polytechnic University of Madrid. More than 70 students design, manufacture and subsequently compete with a 100% electric car and autonomous driving software. The project was created to enhance the practical training of students, exposing them to the challenges involved in developing cutting-edge technology in different fields of engineering.

Press kit

• Press Release in English