Lotus confirms Renault engine deal

The team had already announced it had agreed to end its deal with Cosworth early, paving the way for the new agreement.

Today's announcement means Lotus will be using Renault engines and Red Bull gearboxes next season, following the deal with the team to use its transmissions.

Interestingly, Renault said its supply deal was with 1Malaysia Racing Team, rather than the Team Lotus name that the outfit is hoping to use.

"I am absolutely delighted that we can now officially talk about the partnership with Renault," said Lotus boss Tony Fernandes.

"There has obviously been a great deal of speculation about which engine will be powering our cars from 2011 and now the announcement has been made I think everyone can see just how ambitious we really are.

"The combination of the Renault engine and the Red Bull Technology gearbox and hydraulics gives our design and aero teams a successful, tried and tested platform to work with for next year's car."

Tech chief Mike Gascoyne also welcomed the news, which he reckons is a big boost for the team.

"Today's announcement is the latest confirmation of how far this team wants to go in Formula 1," he said "Having worked with Renault before I know exactly what they will bring to our team and I am delighted that they will be playing an integral role in the next chapter of our story.

"The engine itself gives our designers, engineers and drivers an excellent platform to work with - it is very drivable, has good reliability and comes with a track support team who have a wealth of experience and knowledge. We are all looking forward to working with Renault and are very excited about the future for our partnership and our team."