Anglo-Malaysian Formula One outfit Team Lotus confirmed on Sunday it was extending its Renault engine deal through to the end of 2013 and said its aim was to continue to work together when new engine regulations come into force the following year.
The team, headed by AirAisa airline entrepreneur Tony Fernandes, also said at the Singapore Grand Prix that it would next season use a KERS system provided by Red Bull Technology.
"Having established an incredibly good working partnership since the first days of our agreement we are absolutely delighted that Renault Sport F1 and Red Bull Technology will be playing such an integral role in the ongoing development of our team until at least 2013," said Fernandes, who recently bought English Premier League side Queen's Park Rangers.
"They (Renault and Red Bull) are both passionate, dedicated teams of people with whom we have a growing relationship that is creating a number of exciting opportunities for us for the future.
"They share our vision for where we want to take our team, and we are very proud to have their power pushing us forward.
"Not only will we be able to build on everything we have learnt through working with Renault and Red Bull Technology in 2011, but we will now have the added benefit of KERS for next year, which really is a major step forward for our team.
"We have done the very best job we can this year but without that extra power we are always competing on a different level to the teams ahead, so to give our drivers that boost is a key element of helping us catch the cars ahead, and compete with them when we do so."
Managing Director of Renault Sport F1 Jean-François Caubet heralded the agreement.
"Renault is in F1 to display the quality of its product, so we need to be associated with teams that clearly have potential," he said.
"The steps Team Lotus has made on and off track with its technical structure and facilities have given us a confidence they will achieve their aims."
Of KERS, a system which transforms kinetic energy into power, Caubert said: “KERS is now an essential part to a competitive performance in F1 today and we hope this supply will help the team continue its evolution."
Lotus is on course to finish 10th in the constructors' championships for the second consecutive year. The team has remained ahead of fellow 2010 arrivals Virgin and HRT but hopes the deal with Renault and Red Bull will push it up a level.
In addition to Lotus, Renault also supplies engines to champion team Red Bull. From next season, Williams will also use Renault power again for the first time since its title-winning days in the 1990s.