Drayson, run by British businessman and former Science Minister Paul Drayson, said in a statement they will enter two drivers in cars to be supplied by promoter Formula E holdings and developed by Formula One frontrunners McLaren and Spark Racing Technology.
The British-based Drayson team plans to be a constructor in its own right from 2015.
"We aim to be one of the front runners from the start, leveraging the knowhow we've built up over the past two years working on electric drivetrains and developing our 200 mph electric Le Mans prototype," said Drayson.
"We believe that FIA Formula E has very significant commercial potential, it will attract new fans and new sponsors to motorsport and is on track to become the world's leading environmentally sustainable global sporting event."
Formula E will be an FIA sanctioned championship with the commercial rights licensed to a Hong Kong-based consortium which aims to hold races in the heart of at least 10 cities around the world.
Spanish businessman Alejandro Agag, a former chairman of Premier League Queens Park Rangers when the club was part-owned by Formula One supremo Bernie Ecclestone, is the chief executive.
Rome and Rio de Janeiro have been announced so far as host cities with organisers hoping to add London to the list. (Reporting by Alan Baldwin, editing by John Mehaffey)