Dragon Racing has officially signed on with the Formula E electric-car racing series according to Edmunds.

The IndyCar team owned by Jay Penske, the son of Roger Penske, joins Andretti Autosport in the Formula E racing series set to launch next year.

"It's an honor for Dragon Racing to have been selected as one of the founding teams in Formula E," Penske said. "Formula E symbolizes a vision for the future of motorsports and the automotive industry, while directly appealing to a new generation of global race fans."

Drayson Racing of England and China Racing are the other two teams that have committed to the new series.

Dragon Racing was formed as Luczo Dragon Racing by Penske and computer software entrepreneur Stephen J. Luczo.

Formula E said they're happy to welcome another team to Formula E.

"We're extremely happy to welcome Dragon Racing to the FIA Formula E Championship and are convinced that Jay Penske and the team will be a major contribution to our grid," said Formula E CEO Alejandro Agag. "Today's announcement also brings an LA-based team to the championship. That has special significance as California has become the land of electric cars, an example that we want to spread to the rest of the world."

Luczo Dragon merged in 2010 with the team of Gil de Ferran, and became known as de Ferran Dragon Racing. After being shut down in 2011 for failing to obtain a sponsorship, Penske revived the team earlier this year.

Formula E recently announced that it will provide wireless recharging for electric racecars.

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