The former technology offshoot of the Williams Formula 1 team, Williams Advanced Engineering, announced on Tuesday its rebranding to WAE Technologies. The name change reflects a new owner, as well as a new focus outside the world of motorsports.
The Williams F1 team established Williams Advanced Engineering in 2010 with the aim of commercializing technologies developed for F1, particularly in the area of batteries and electrification. The company has been a supplier to both Formula E and Porsche, among others.
The company, based in Oxfordshire, U.K., has also developed modular EV platforms for license and last September unveiled its own hypercar platform capable of delivering more than 2,200 hp.
However, Williams Advanced Engineering was acquired by Australian mining company Fortescue Metals Group in early 2022. Fortescue is looking to develop technologies to help lower the carbon footprint of the mining industry and will tap the newly minted WAE to develop solutions like 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 any meaning, and that the company name is to be pronounced as individual letters. There's 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 branding which reflects our position as a leading, standalone business,” Craig Wilson, WAE's CEO, said in a statement.