British auto racing team Hitech GP applied to join Formula 1 in 2026, the company confirmed Monday.

“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,” Hitech said on its website.

Hitech is applying after receiving investment from Vladimir Kim, a billionaire businessman from Kazakhstan. Kim bought a 25-percent equity stake in Hitech.

“Motorsport has been a long-standing personal interest for me, and I am delighted to be entering into a partnership with an organization that has enjoyed success in so many categories and has such ambitions for its future,” said Kim, 62.

Hitech currently competes in the FIA Formula 2, Formula 3 and F4 British Championship series, among others.

The F1 grid currently consists of 20 drivers across 10 teams, and Hitech is not the only team looking to buy their way in. American teams Andretti Global and General Motors have both applied to enter as well.

–Field Level Media