06 May 2013 14:24 [Source: ICIS news]
SAO PAULO (ICIS)--Brazilian Trade and Investment Agency Apex-Brasil will continue supplying sugarcane-based ethanol for the IndyCar Series until 2014, an executive at the investment agency said on Monday.
According to its president, Mauricio Borges, Apex-Brasil has been supplying the fuel since 2009. Every two years a new contract must be signed and the next one is due in 2014.
Talks on the 2014 contract are expected to begin around June.
"The sponsorship includes the utilisation of Brazilian ethanol in all the races of IndyCar in Brazil, US, and Canada, except for the Iowa circuit, which uses the corn-based ethanol that is made in the region", he said.
According to IndyCar officials, the series uses E85 ethanol, a blend of ethanol (85%) and gasoline (15%).
Borges said IndyCar was the first motorsports series to use an ethanol-based fuel on its cars. Other racing series, such as Formula 1, use gasoline with additives.
The executive at Apex-Brasil sees the partnership as a good opportunity to create a "big business platform based on relationship marketing".
"On each race we participate, we promote actions such as relationship meetings that are made inside the circuits, [as well as] the promotion of products and of the Brazilian reputation worldwide", he said.
Borges said that from 2009 to 2013, around $2bn (€1.5bn) in business was generated to Brazilian companies through Apex-Brasil.
Sao Paulo city and IndyCar officials for the Brazilian race said the Brazilian circuit alone generated around reais (R) 80m ($40bn, €30bn).
Apex-Brasil said every race consumes around 14,800 litres of ethanol.
($1 = €0.76)
($1 = R2.01)
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