ALGARVE CAR HIRE - NEWS
Motorsports firm signs up for racetrack business park
Renowned Italian based motorsports company N.Technology announced on Friday April 9 that it would be investing three million euros to build an advanced technology centre at the Algarve race track’s Parque Tecnológico.
The next phase of development for the race track was signed by Portimão Mayor Manuel da Luz, Paulo Pinheiro CEO of Parkalgar which manages the race track, and Mauro Sipsz, president of N-Technology, which is the first company to invest in the Parque Tecnológico set on the hill overlooking the circuit.
N.Technology Iberia will now work with Porsche to develop and manage racing versions of the four door Panamera S sports car for the Superstars race series, which is visiting the race track over the weekend of May 22 and 23. These will be the first vehicles to be developed at the new centre.
Formed 20 years ago and now with a turnover of 50 million euros per annum, N.Technology has an impressive pedigree in international motorsport having won 186 races out of 546 entered. Originally having been founded to manage Fiat motorsport, they have expanded in the intervening years, running international winning race and rally teams for Alfa Romeo, Fiat and Ferrari among others.
Construction of the N.Technology centre, which is expected to create 25 new jobs, is planned to start in June and last eight months.
Over the next three years, N.Technology Iberia will transform into N.Technology Pole providing a full range of research, development and racing activities for modern and historic racing cars. As well as R&D and racing, plans for 2010 already include sporting, off road and racing schools as well as event organisation. The company is already involved in the organisation and promotion of the Portuguese Racing Weekend, which embraces the existing Portuguese Open, GT, Classic and Touring Car championships.
N.Technology will also offer testing facilities to vehicle manufacturers to develop new models using the full facilities of the race track.
Manuel da Luz said that the project is part of the council’s strategy to develop the city and attract new investments. “It is important to encourage and create conditions to attract such investments,” he said.
Paulo Pinheiro, CEO of Parkalgar, said the agreement “represents another step forward in the overall project that is the Algarve International Circuit”.
Mauro Sipsz, chairman of N.Technology, said: “This is an excellent opportunity for our company, which this year celebrates 20 years of existence.”
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