Live Company Group PLC (AIM:LVCG) said Fédération Internationale de l'Automobile (FIA) will add the Cape Town track to the 2023 Formula E calendar.
The race will take place in February 2023 as part of the Formula E race (E-Prix), which acts as a focal point E-fest, it said.
“I am incredibly proud that all the tireless work for the team has paid off with the successful confirmation of Cape Town as part of the 2023 Formula E world championship race calendar,” said chief executive David Cilitria.
E-fest is a week-long showcase of “sustainability, e-mobility, and renewable solutions”, according to a statement.
The AIM-listed company also announced that E-Movement Ltd, of which E-Movement Holdings (100% LVCG subsidiary) now, post-investment, owns 14.83%, has attracted an investment of £825,000, which will value that company at £3.15mln.
This in turn implies a £470,000 valuation of Live Company’s stake, a close to 500% increase in investment.