Palma previously drove for ART Grand Prix - a sister team of Formation - in the 2013 International Junior Grand Prix Championship (now FV2), where he scored one podium on his way to 13th in the championship.
For 2014 he left ART and Formation and moved down to the European version of the series where he only finished 14th. This proved a solid training ground however as he stepped back up in 2015 - this time to VWRS - and scored two pole positions, his maiden win and a further two podiums to secure a place in the top 10 in the championship.
10th again in 2016 - but this time with two wins - was enough for Formation to offer the Brit a seat in their team for the inaugural 2017 IndyVirtual season, alongside Downton reserve driver and countryman Marcus Thunder.
"We see a lot of potential in Dino and hope this will be fully exploited by seating him alongside Marcus in the team," explained team principal Louis Vasseur. "He's grown a considerable amount since he last drove for us in 2013, and we fully expect to be able to challenge for the title with these two drivers."
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