Lotus, the manufacturer, is back
Group Lotus plc and Genii Capital are pleased to
announce a partnership which will see the
Renault F1 Team renamed as ‘Lotus 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, which will
enable its future road car ranges to take
advantage of significant new technologies, is a
natural step.”
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