Fondmetal S.p.A., an Italian manufacturer of alloy wheels, founded in 1972 by Gabriele Rumi, entered the world of Formula 1 in 1991 by taking over Osella Squadra Corse where Fondmetal was the major sponsor since 1989. The team operated in 1991 and 1992. For the 1992 season Fondmetal introduced its second car. It was GR01 designed by Robin Herd, Tim Holloway and Tino Belli, and powered by Ford HB V8 engine. The GR01 was based on Fomet F1 from 1991, but new HB engine had 100 hp more power than the 1991 Ford DFR. Despite the new engine, the car was underpowered and unreliable. Swiss Andrea Chiesa and Italian Gabriele Tarquini drove for Fondmetal in 1992. Tarquini was able to finish only once, at the British Grand Prix , where he was 14th. As to Chiesa, the F1 rookie got through qualifying only 3 times in 10 rounds, and was replaced by Belgian Eric van der Poel after Hungarian Grand Prix.