Santander UK has offered University of Wolverhampton Race Team (UWR) students a formula for success by sponsoring its Formula Student race car.

Students are tasked with producing a prototype for a single seat car for autocross or sprint racing which takes part in the annual Institute of Mechanical Engineering (IMechE) Formula Student Competition at Silverstone in July.

The University of Wolverhampton has signed a Memorandum of Understanding (MoU) with the banking giant as part of its overall sponsorship agreement.  Santander UK has offered £5,000 which will contribute to the development of the car, help the race team with travel and mobility costs and provide support for a range of engineering and manufacturing activities.

The University of Wolverhampton recently signed an agreement to fund scholarships and work more closely with Santander UK. The agreement will see the bank support student entrepreneurship and internationalisation at the University through a scholarship scheme worth a total of £120,000 over three years.

Professor Ian Oakes, Deputy Vice-Chancellor at the University of Wolverhampton, said:  “Race team engineering students work hard throughout the course of their studies to design, build and drive the car at a major student competition Silverstone in July.

“This competition offers students hands-on experience with over 3,000 inspired and talented students from across the world and the sponsorship support from our partner, Santander, will undoubtedly contribute to improving the success of students involved in the race.”

Matthew Hutnell, Director of Santander Universities UK, said:  “Santander is committed to investing in the skills and training of young people and works closely with the University on a number of entrepreneurial projects.

“The Race Team is a unique venture, with Formula Student Racing offering a valuable experience for students to engage in a multi-disciplinary project.  This sponsorship opportunity is very much aligned with our ethos of encouraging team work, dedication and motivation which ultimately improves students’ chances of securing a job when they leave university.”