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V.E.N.O.M. Formula Race Car/Land-Air Squad from the 3rd season/series (1987).

 

figures:

Miles Mayhem, leader of V.E.N.O.M., w/ Flexor mask which fires a flexible energy shield

Maximus "Maxie" Mayhem, Miles' twin, w/ Deep Freeze mask which fires a cold energy ray

 

A bit more info can be found here.

 

Also, you can see it in its original commercial here.

Done