Group Lotus plc and Genii Capital have just announced a partnership which will see the Renault F1 Team renamed as ‘Lotus Renault GP’ from the start of the 2011 F1 racing season.
The association sees the return of a highly successful Formula 1 association between Lotus and Renault from the 1980s. Lotus’ racing pedigree and heritage coupled with Renault’s technology in Formula 1 is hoped to set the united team on a path to success.
The partnership between Lotus and Genii brings the ability to quickly incorporate new technologies from F1 cars into Lotus road cars including hybrid technology, Kinetic Energy Recovery Systems (KERS), aero advancements and lightweight materials. Genii, an investment holding company with a portfolio of automotive technologies, bring non-F1 technologies such as lightweight braking systems, variable compression engine technology and on board software systems to the partnership.
Group Lotus CEO Dany Bahar said: “I can think of no better platform for automotive brand communications than motorsport and F1.”
Carlos Ghosn, Chairman and CEO of Renault, commented: “This multi-partner alliance will bring a new dynamic to the team and enable it to compete with the sport’s best from next season.”
In addition to this, Genii is also offering Proton the ability to leverage on its existing business relationships in Russia and other parts of the world, as a means to expand Proton’s global reach. Through Genii, Proton can also potentially access advanced automotive technologies by virtue of Genii’s association with Mangrove, a venture capital group.
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.”