The former technology arm of the Williams Formula 1 team, Williams Advanced Engineering, announced its name change to WAE Technologies on Tuesday. The name change reflects a new ownership as well as a new focus outside of the world of motorsport.
The Williams F1 team founded Williams Advanced Engineering in 2010 with the aim of commercializing technologies developed for F1, particularly in the area of batteries and electrification. Among other things, the company was a supplier to both Formula E and Porsche.
Based in Oxfordshire, UK, the company has also developed modular EV platforms for licensing and last September unveiled its own hypercar platform capable of producing more than 2,200 horsepower.
However, Williams Advanced Engineering was acquired by Australian mining company Fortescue Metals Group in early 2022. Fortescue aims to develop technology that will help reduce the carbon footprint of the mining industry and will use the newly formed WAE to develop solutions such as electric freight trains, mining trucks and industrial heavy mobile equipment.
The name change marks this turning point in the company’s history, WAE said. It also marks the expiration of the license that allowed the company to use the Williams name.
WAE said the initials no longer have meaning and that the company name should be pronounced as the individual letters “W”, “A” and “E”. There is also a new logo to go with the new name.
“We are now entering a new phase in the company’s growth plans and the time is appropriate for a new name and brand that reflects our position as a leading standalone company,” said Craig Wilson, CEO of WAE, in a statement .