Lotus, the manufacturer, is back

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." 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, a statement said. 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. Lotus said that its partnership with 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. Dato' Sri Mohd Nadzmi Mohd Salleh, chairman of Lotus majority shareholder Proton, 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." In addition to the F1 deal, Genii is also offering Proton the opportunity to exploit 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."