Epsilon Euskadi or better known as EPIC Racing was established in 1999 by Joan Villadelprat. Villadelprat had previously worked in Formula One for several teams including McLaren, Ferrari and Prost before starting his own racing team. In 2009 Joan Villadelprat revealed an interest in entering Formula One in 2010 with his Epsilon Euskadi team. The official bid was made on 3rd June 2009 and Villadelprat said his team had a budget ready for the next four years. Epsilon Euskadi were fortunate to have very modern facilities, with a brand new wind tunnel, several design and engineering departments, and their own factory. Besides that another €65 million was invested in the team to make it ready for Formula One. Despite the infrastructure and investment, the FIA did not award Epsilon Euskadi with an entry for 2010, but as a small consolation, they would be placed on the reserve list.
It didn’t take long before USF1 started making headlines for all the wrong reasons. Rumours suggested the team didn’t have the financial backing it needed and that the operation had been completely mis-managed. It resulted in USF1 withdrawing before the season had even begun. Epsilon Euskadi was the first in line to be on the grid in USF1’s place but the late withdrawal meant Epsilon Euskadi couldn’t enter F1 in 2010 – there simply wasn’t enough time. While the team had its infrastructure sorted, Villadelprat said they would, when they could, make a bid to be on the grid for 2011. This would give the team the time to design a car properly and have it tested. In early 2010 the team duly announced their bid for 2011, which seemed promising.
During the next few months Epsilon Euskadi started to design their car. Sergio Rinland, a well-respected designer, would pen the first Formula One car for the team. Rinland told Autosport that he would love to see an Argentinian driver in the car, and he named Esteban Guerrieri as one of the drivers.
A few weeks after, the FIA revealed that despite numerous entry bids for the spare slot, there would not be a new team in 2011 with just the 12 existing teams continuing. For the Epsilon Euskadi team it was sad news, however before the announcement there had already been rumours that the struggling Spanish HRT team might merge with Epsilon Euskadi to stay in Formula One. Meetings between Joan Villadelprat and José Ramón Carabante from HRT had already taken place. But despite this, the merge never happened, and HRT would eventually close at the end of the 2012 season having struggled through three years in F1.