RENAULT FORMULA ONE TEAM NEW SPONSOR

Lotus to sponsor Renault team in 2011

PARIS: 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 plc will acquire a major equity stake in the team from Genii Capital, the organisations said in a statement yesterday.

“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,” they said.

“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.”

Eric Boullier, head of the Renault F1 stable, called the move by Lotus, owner of the Malaysian Proton car brand, an “enormous boost”.

“It’s with a big smile that I see Lotus coming. It’s excellent news and an enormous boost,” Boullier said.

“To have a new principal sponsor for the coming seven years brings us a long-term stability and vision that you rarely see in Formula One.” — AFP

-thestaronline-