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Dragon Racing will compete under a new name after announcing a long-term alliance on Friday with the California-based electric car startup Faraday Future. The partnership will last four years with an option to extend for another four.

The announcement was made during the FIA Formula E London ePrix, and the partnership will begin with Formula E’s third series, which starts on Oct. 9, 2016. The new team name will be Faraday Future Dragon Racing.

“It’s an honor for Dragon Racing to form this ground-breaking alliance with Faraday Future,” said Jay Penske, Dragon Racing’s team owner and team principal. “Formula E symbolizes a vision for the future of motorsports and the automotive industry, and Faraday Future’s strategy for next-generation connected electric vehicles aligns seamlessly with Dragon Racing and Formula E. We at Dragon Racing are already looking forward to Season 3, and collaborating with some of the finest engineers and technologists in the EV and motorsport industries.”

“Formula E has placed a significant emphasis on electric performance and connectivity, which makes it a great fit for Faraday Future,” said Marco Mattiacci, the global chief brand and commercial officer at Faraday Future. “Formula E has leveraged a community of fans and embodies the competitive spirit that we also share.”

Alejandro Agag, the CEO of FIA Formula E, praised the partnership by saying, “A brand like Faraday Future coming to Formula E really symbolizes what Formula E is about. This year, we’ve learned that every thirteen minutes an electric car is sold in the United Kingdom. The future belongs to electric cars and brands like Faraday Future will come to fill this demand for cleaner mobility and for connected mobility.”

Nick Sampson, senior vice president of global research and development and engineering; Ding Lei, co-founder, vice chairman and managing director of SEE Plan; and LeEco and Dragon Racing team drivers Loïc Duval and Jérôme D’Ambrosio were on hand for the announcement.

Penske is the founder, chairman and CEO of Penske Media Corporation, which owns Variety.