LAGOS :The E1 World Championship, the world's first all-electric powerboat racing series, made its African debut in Lagos on Saturday, marking a milestone in its global expansion.

The penultimate round of Season Two brings the series to its fourth continent. Lagos was chosen for its "energy, drive for change, and alignment with E1's values of sustainability, tourism and technology," CEO Rodi Basso told Reuters.

E1 plans to expand to 12 teams from nine and increase the number of races to 15 from seven. The championship is seeking 20 million euros ($23.48 million) of fresh capital and is targeting a valuation of 500 million euros by 2030. Talks with investors, including several high-net-worth individuals, are ongoing, Basso said.

"We're not in a rush," he said. "But we have a compelling p

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