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12 February 2008

Lotus and Mubadala Sign Memorandum of Understanding



Agreement Encourages Technology Development in Abu Dhabi

Lotus Engineering and Mubadala Development Company (Mubadala) are pleased to announce the signing of a long-term Memorandum of Understanding (MoU). The joint aim is to further enhance Abu Dhabi’s position at the forefront of environmentally orientated technologies and accelerate the development of its manufacturing and business infrastructure.

The agreement outlines the basis for a strategic relationship to discuss development in advanced technological disciplines. Activities will be focussed on reducing ‘well to wheel’ CO2 emissions through the use of advanced lightweight materials and hybrid technologies, thus supporting Abu Dhabi’s low carbon footprint philosophy and addressing the environmental imperatives facing the automotive industry globally. Potential investments in the future of the worldwide automotive and associated industries can harness Abu Dhabi’s abundant natural resources and further support the achievement of Mubadala’s key strategic objective of diversifying and developing the rapidly growing economy of Abu Dhabi.