9 Dec 2010

Lotus buy major stake in Renault F1 team

5:56 pm on 9 December 2010

The Lotus group has taken a major equity stake in the Renault Formula One team, which will be renamed Lotus Renault GP for the 2011 season.

Group Lotus will acquire a major equity stake in the team from Genii Capital, the organisations said in a joint statement.

They said the partnership between 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.

They said Genii, an investment holding company with a portfolio of automotive technologies, will bring non-F1 technologies such as lightweight braking systems, variable compression engine technology and on board software systems to the partnership.