Before the ownership transfer, the organisation operated as Epsilon Euskadi and competed in the World Series by Renault and Formula Renault. In 2008, Epsilon Euskadi also entered sports car racing, fielding its own prototype, the Epsilon Euskadi ee1, in endurance competition. The car was designed and built in-house for the LMP1 class of the 24 Hours of Le Mans and represented a significant technical ambition for a team of the organisation's size.
Epsilon Euskadi pursued a Formula One entry on two separate occasions without success. On 3 June 2009, the team announced it had submitted an application for the 2010 FIA Formula One World Championship. When the FIA published its preliminary list of 13 accepted teams on 12 June 2009, Epsilon Euskadi was not included. The organisation was placed on the reserve list in case one of the accepted entrants withdrew, and USF1 did ultimately withdraw — but the timing came too late for the reserve mechanism to bring Epsilon Euskadi onto the grid.
A second application followed in March 2010, when Epsilon Euskadi applied for a place in the 2011 Formula One season following USF1's confirmed failure to use its allocated entry. This application was rejected as well, ending the organisation's attempts to reach the top level of the sport.
The racing division changed hands in March 2011, with operations renamed EPIC Racing for the new season. The team carried forward its World Series by Renault programme, fielding entries in both Formula Renault 3.5 and Formula Renault 2.0. The 2011 season results in the World Series by Renault were recorded under the EPIC Racing name, while earlier years of the same programme were attributed to Epsilon Euskadi.
The team's receipt of public funding from the Basque Country government became the subject of legal proceedings. Epsilon Euskadi had been sponsored with public money from the regional authority, and in 2013 Epsilon Euskadi founder Joan Villadelprat and Mark Phillip Payne were taken to court in Vitoria. They faced allegations of corruption and the mismanagement of public funds granted during the presidency of Juan Jose Ibarratxe. The case drew attention to the relationship between regional government money and the team's motorsport activities.
EPIC Racing and its predecessor Epsilon Euskadi occupy an unusual place in European motorsport history. The organisation built a credible Formula Renault programme, constructed a competitive LMP1 sports prototype, and applied twice for Formula One entry without success. The subsequent corruption proceedings involving the use of Basque Country public funds complicated the team's legacy and drew scrutiny to the financial arrangements that had supported its ambitions. The trajectory from domestic Formula Renault roots through sportscar construction to failed Formula One bids and legal controversy illustrates the difficulties faced by regionally backed mid-tier European teams during the late 2000s and early 2010s.