Formula 1 extends engineering scholarship scheme until 2025
Formula 1 has announced that it will extend its funding commitment to the Formula 1 Engineering Scholarship Scheme for underrepresented groups until 2025, continuing its drive to increase diversity within the sport.
The Formula 1 Engineering Scholarships were launched last year, following a US$1 million donation from Formula 1 non-executive chairman Chase Carey. The program has so far successfully supported 10 students, who have started work placements in their undergraduate and postgraduate engineering degrees at leading universities in the UK and Italy.
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Each scholarship covers the full cost of a student’s tuition, plus living expenses, for the duration of their degree. The program will now be extended for another four years, making it possible to offer scholarships to 10 additional students each year from 2022 to 2025 inclusive.
“We are committed to increasing diversity and opportunity in this incredible sport,” said Formula 1 Chairman and CEO Stefano Domenicali, “and I am pleased to confirm that we will extend our program for academics up to in 2025, providing a fantastic opportunity for incredibly talented students to begin their journey with Formula 1.
“We want to continue to ensure that talent from underrepresented groups has meaningful opportunities, with the first 10 scholars already beginning their studies following Chase’s incredible donation to fund scholars in their first year. We want to continue and build on the foundations of the program in the years to come. »
The 10 scholarship recipients were selected by the programme’s initial partner universities: Cambridge University, Coventry University, Manchester Metropolitan University, MUNER – The Automotive University of Emilia-Romagna, University of Oxford and University of Strathclyde.
Scholars began their studies in 2021, marking the program’s inaugural year. As part of a broader program of diversity and inclusion initiatives, Formula 1 is also committed to creating employment opportunities by offering apprenticeships and internships across the company.
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Working with the Black Collective of Media in Sport (BCOMS), a leading group for black media professionals, and The Blair Project, who inspire the next generation of engineers from disadvantaged socio-economic backgrounds, Formula 1 has already welcomed into the organization apprentices studying mechanical engineering and interns, with more to be named later this season.
As Formula 1 continues to build a more diverse future in motorsport, we look forward to supporting our scholarship students as they focus on their studies and future careers.