The E1 Series is to be the first international electric powerboat circuit when it begins.

Testing for the E1 Series is to begin next year before the official launch of competition in 2023.

At the's launch prototype event, Chiulli also confirmed that the Prince - an International Olympic Committee member - had accepted an offer to be nominated UIM Honorary President.

"It is an extraordinary moment for E1 and the UIM, and clearly we are riding the crest of the wave in terms of the transition to new technologies for the powering of watercraft," Chiulli said.

"We have a remarkable opportunity to lead the development of climate-friendly solutions in motor sports on the water, knowing they will have a clear and beneficial impact on the health of our planet.

"It is rewarding to know that the team behind the transition that our planet needs is growing so quickly, that so many important partners are joining and that we have the engagement of Prince Albert II of Monaco."

The prototype is called the RaceBird. 

Now engineers will focus on the integration of the battery and control systems, as well as how they work together with the powertrain.

"Maintaining high speeds for relatively short periods of time is one area where we can expect electric propulsion to shine at a relatively early stage," added Chiulli.

"I can see a clear course from racing to recreation for these technologies, so we have an important chance to influence wider water sports just as the planet needs quick and practical solutions. 

"We should be very proud to be at the forefront of these developments, alongside such prestigious partners."

The UIM is taking a similar path to the International Automobile Federation (FIA), which launched its own electric motor racing series Formula E in 2014.

Formula E and Extreme E founder Alejandro Agag, and Rodi Basso, the former director of motorsport at McLaren, have helped created the E1 Series, which aims to support the preservation of the marine environment.