Lotus joins forces with Renault to become Lotus Renault GP

The new team will see Renault provide engines and technical support, but will be run by the Lotus Group, in collaboration with Luxembourg-based company Genii Capital. This is not the first time that Lotus and Renault have joined forces, as Lotus previously made use of Renault's turbocharged engines for its F1 cars back in the 1980s.

Lotus says that its partnership with Renault in F1 might see technological features such as the Kinetic Energy Recovery System (KERS), as well as aerodynamic advancements and lightweight materials, and hybrid technologies introduced in their road cars.

Genii will provide non-F1 technologies such as lightweight braking systems, variable compression engine technology and software. Genii will also help Lotus' owner Proton expand into new and emerging markets such as Russia, and potentially access additional automotive technologies.

Gerard Lopez, founding partner of Genii Capital, said: "For Group Lotus, access to Formula 1™ opens up new marketing opportunities and a major platform for business exchanges and development. In this regard, Genii Capital possesses shareholdings in, and direct access to, cutting edge companies in the automotive industry. Our tie-up with Group Lotus and Proton, which will enable its future road car ranges to take advantage of significant new technologies, is a natural step."

Group Lotus CEO Dany Bahar, commented: "I can think of no better platform for automotive brand communications than motorsport and F1 We're well aware that there has been a lot of controversy around the usage of our brand in F1 and I'm delighted to be able to formally clarify our position: We are Lotus, and we are back."