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British racing team Hitech have applied to enter a team in Formula One from 2026 with investment from Kazakh billionaire businessman Vladimir Kim.

Hitech Global Holdings, which owns and operates Hitech Grand Prix, said in a statement on Monday it had agreed the sale of a 25% interest to Kim.

Hitech Grand Prix currently competes in the Formula Two, Three and Four junior series and employs more than 150 people at Silverstone.

Previous Hitech drivers include Russian Nikita Mazepin, whose billionaire father Dmitry was a sponsor until the imposition of sanctions following the Russian invasion of Ukraine.

“In 2023, after 20 months of planning and extensive preparation at its Silverstone base, Hitech made its application for entry into the FIA Formula One world championship from the 2026 season,” the company said on its website.

It said the move “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.”

Formula One’s governing body, the FIA, in February started a formal application process to identify one or more new teams interested in joining in 2025, 2026 or 2027 but no decision has been announced.

U.S.-based Andretti Global and General Motors are also seeking to compete using the Cadillac brand.

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Hitech seek to enter F1 from 2026 season with Kazakh backing