Williams Advanced Engineering, the former technical offshoot of the Williams Formula 1 team, announced on Tuesday that it has changed its name to WAE Technologies. The name change reflects the new owners, 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 areas of batteries and electrification. The company has been a supplier to companies such as Formula E and Porsche.

Based in Oxfordshire, England, the company has also developed a modular electric vehicle platform for licensing and launched its own supercar platform last September, capable of more than 2,200 horsepower.

However, Williams Advanced Engineering was acquired by Australian mining company Fortescue Metals Group in early 2022. Fortescue is looking to develop technology to help reduce the carbon footprint of the mining industry and will use the newly minted WAE to develop solutions such as electric freight trains, mining trucks and industrial heavy mobile equipment.

WAE said the name change marked this turning point in the company’s history. It also marks the expiration of a license allowing the company to use Williams’ name.

WAE means that the initials no longer have any meaning and the company name will be pronounced with separate letters. There is also a new logo to go along with the new name.

WAE chief executive Craig Wilson said in a statement: “We are now entering a new phase in our company’s growth plans and the time is right to adopt a new name and brand that reflects our leadership independent enterprise status.”

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