Hitech confirms F1 bid as it announces major new investor

The Silverstone-based squad, which currently races in F2, F3 and F4, announced on Monday that its parent company Hitech Global Holdings Limited had sold a 25 percent stake to Kazakh businessman Vladimir Kim. 

Kim’s main interests are in the mining, banking and aviation sectors, with his Kazakhmys and KAZ Minerals Group’s work in extraction and processing of copper ore making it one of the top ten copper producers in the world. 

Previously, Kim’s companies have sponsored Kazakh athletes, including boxing champions Gennadiy Golovkin and Serik Sapiyev, as well as top-ranked tennis players, but the Hitech deal is his first foray into international motor racing. 

Speaking about the deal Kim said: “Motorsport has been a long-standing personal interest for me, and I am delighted to be entering into a partnership with an organisation that has enjoyed success in so many categories and has such ambitions for its future. 

“We have an established involvement with sport; however, this is our first global investment in motorsport. Its dynamic appeal, growing exposure, business-to-business marketing opportunities and burgeoning fan base are aligned with my ambitions personally and commercially.” 

Jak Crawford, Hitech GP

Photo by: Red Bull Content Pool

Hitech CEO Oliver Oakes added: “I am delighted to welcome Vladimir Kim to the Hitech group. During our discussions we found many natural synergies and I know that his support will be invaluable as we seek to build on Hitech’s success and work towards achieving its broader ambitions over the years to come.” 

The investment deal comes as Hitech hopes to get the nod from the FIA to be able to join the F1 grid in the near future, as it officially announced it has lodged an application to secure a slot from 2026. 

In the press release detailing the new investment. Hitech said that its F1 ambition was a “move that would complete its single-seater ladder and demonstrate that Hitech has all the right people, experience and resources to compete alongside the best teams in the world.” 

The FIA is currently evaluating bids from a number of parties interested in joining the grid. As well as Hitech, other outfits to have confirmed their applications are Andretti, which has formed a partnership with Cadillac, and former BAR boss Craig Pollock who has revealed plans for ‘Formula Equal’, a team made up with a 50:50 male-female ratio of staff.