Formula 1 (F1) has announced the launch of an all-female driving series, F1 Academy, which will prepare and develop young female drivers for W Series, Formula 3 (F3), Formula 2 (F2) and F1.

The series will feature five teams and 15 drivers, run by F2 and F3 teams, with the calendar consisting of 21 races and 15 days of testing.

Drivers will get behind the wheel of a Tatuus T421 chassis, with Autotecnica supplying the engines that will deliver 165 horsepower.

Additionally, F1 will subsidise the cost of each car with a budget of €150,000 (AUD$232,000).

Commenting on the new series, F1 president and CEO, Stefano Domenicali, said: “Everyone should have the opportunity to follow their dreams and achieve their potential and Formula 1 wants to ensure we are doing everything we can to create greater diversity and routes into this incredible sport.”

“That is why I am delighted to announce the F1 Academy that will give young female drivers the best chance to fulfil their ambitions through a comprehensive programme that supports their racing careers and gives them everything they need to move into F3 and hopefully to F2 and then the pinnacle of Formula 1.

“The more opportunity there is the better and this is designed to provide another route for the drivers to succeed,” he said.

F1 Academy manager, Bruno Michel, added: “Diversity is extremely important in motorsport, and with the F1 Academy we will prove that female drivers have what it takes to compete at high levels.”

“I am absolutely convinced that if young women are given the same amount of experience as any other driver, they can successfully make their way through the pyramid.

“Our goal is to see female drivers on the F3 grid in the next two to three years, and for them to quickly challenge for points and podiums.

“The aim is to increase the field in the near future, because we hope that this category will inspire more young girls to compete in motorsport at the highest of levels,” Michel said.

The announcement comes after F1 extended their US broadcasting partnership with ESPN.