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.�
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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