Tokyo-based Super Aguri Formula E will be the sixth of 10 teams on the grid when the FIA-sanctioned single-seater championship starts in Beijing next September.
Former Super Aguri F1 technical director Mark Preston will be team principal.
Other ex-Formula One drivers, including four times world champion Alain Prost and ex-McLaren racer Michael Andretti are also associated with teams in the series.
"Today is a new chapter for the Super Aguri name and I'm proud that our team will represent Japan in the inaugural Formula E series," Suzuki said in a statement on Friday.
"Zero emissions racing is a progressive concept for the motorsport industry, and after more than 40 years as both a driver and team owner, I see Formula E as a great stride towards the future."
Suzuki spent eight seasons as a Formula One driver between 1988-95 and was team owner of now-defunct Super Aguri F1 which competed with Honda backing from 2006 until they folded in 2008.
"It's a real honour to have a Japanese team and we hope this will lead to interest from manufacturers and possibly even a Formula E race there in the future," said Alejandro Agag, chief executive of promoters Formula E Holdings.