Renault F1 changes to Lotus Renault GP in 2011

The shares from the Renault F1 team, which is partially owned by Genii Capital, have been sold to Group Lotus just in time for the 2011 season. This will mean that for this next season, the team will be renamed "Lotus Renault GP." The partnership has been formed for the next seven years, making sure that we will see them in Formula 1 until at least 2017.

Their new car, the Lotus Renault GP F1, will incorporate new technologies from F1 cars into Lotus road cars including hybrid technology, Kinetic Energy Recovery Systems (KERS), aero advancements, and lightweight materials. The benefits of Genii’s part-ownership will be the availability of non-F1 technologies such as lightweight braking systems, variable compression engine technology, and on board software systems.

Group Lotus CEO Dany Bahar said: "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."

Press release after the jump.

Press release

Group Lotus plc and Genii Capital are pleased to announce a partnership which will see the Renault F1 Team renamed as ‘Lotus Renault Renault GP’ from the start of the 2011 racing season onwards. The association heralds 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™ will set the united team on a path to future success.

Group Lotus plc will acquire a major equity stake in the team from Genii Capital. The transaction represents a partnership between Group Lotus and Genii Capital and signifies the beginning of a more comprehensive strategic alliance between the two organisations.

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™. 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.”

Dato’ Sri Mohd Nadzmi Mohd Salleh, Chairman of Proton, Lotus majority shareholder, said: "We know that Group Lotus has much to offer Formula 1™ and vice versa. After careful consideration, we believe this arrangement will be fruitful, both from a commercial and marketing point of view."

Tun Dr Mahathir Mohamad, Proton advisor and former Prime Minister of Malaysia, said: "This is an exciting development which delivers strategic benefits to both Group Lotus and Proton. I fully support the partnership."

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 Proton , which will enable its future road car ranges to take advantage of significant new technologies, is a natural step.”


22 comments:

I think this racing car has a lot of potential, they should make it into production. I just remember a racing prototype, the Reptile Hybrid Concept. The two would be a great rival!

Does Renault f1 is competing against the Atom or KTM? Im not knowledgeable about formula racing but I think this one comes seems to be faster since its lighter.

I love this color scheme. Ever since after the McLaren I haven’t seen any good car at all. Hope this one will turn good though.

Spat it may be, but the classic Lotus livery is far from ugly.

Depending on if you can handle the rear of it, I’d say the rest of it looks better then the Versa. But that’s just me.

it’s all Proton’s fault trying to play games to their own benefit that’s not known to outside

Hopefully he can get back to being that fearless driver that he was at McLaren and come up with more drives like the 2004? Japanese GP.

Damn, I could have sworn that was Alonso’s Renault that left the debris. Perhaps I am thinking about his flying wheel incident?

That’s not to say that Petrov is bad drivers, as much as I feel that he should have spent more time in the feeder series. I think he jumped the gun. That Renault spot should have gone to Kobayashi could done it too definitely has strong race craft.

That said, me for both drivers. I’d like Petrov to stay in F1, but not if it means Hulkenberg doesn’t have a seat on a competitive team. This pay driver nonsense has to stop.

More than a year ago Renault sold down to 25% ownership with Genii Capital holding 75%. Then as per the new agrement Genii bought out the remaining
25% from Renault. Then Genii sells shares to Group Lotus

well I think i will agree with you on that. oh what the heck as long as they entertain more people then there will be no problem at all for me.

it’s all Proton’s fauly trying to play games to their own benefit that’s not known to outside

Look-alike livery would be an even stronger contradiction of the enmity between the two "Lotus" teams than the common Renault engine. Stay tuned for more on this ugly and confusing spat

Ok,I am really confused by this, Car looks great etc... but how does this relate to the road going cars? They use Toyota engines, not Renault’s, so uneducated shoppers (like me) will belive that Lotus cars use Renault engines. How does this make since on a win(?) on Sunday, sell on Monday.

Isn’t it that this new team is Lotus but powered by Renault, rather than Lotus just being a sponsor? Christ on a bike I’m confused.

Group Lotus will own and run the team with Luxembourg-based Genii Capital, which has completed the purchase of Renault’s stake in the team. Renault will continue to supply the engines and technical support.

there are no more words to say but wow, it really looks great with with the black base paint with golden linings. the the red color of total looks awful.

Bad combination since non of these two have the true experience in order to make this a success.

This is more like a waving of the Lotus and Renault brands, and possibly making some people never consider any of the two.

These cars are changing shape so often than I put to doubt the greatness of the air tunnel engineers. They should of been more precise and build a shape that suffers only minor changes, I see big changes almost every year!

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