GE Gets Into Formula One With Team Lotus Sponsorship
Now that it's retained its team name, Team Lotus, and Team Principal Tony Fernandez, have moved onto securing some heavyweight partners. Today, Fernandez, who has worked with GE in his other gig as Air Asia CEO, announced that GE will be a major sponsor of the F1 team. The sponsorship comes amid separate negotiations between Fernandez and GE Aviation for Air Asia's latest aircraft engine order.
As part of the Formula One partnership, the GE branding will be seen on the Team Lotus T128 F1 cars and across the team's entire race and factory structure starting with the British Grand Prix in July 2011.
The partnership with GE gives the global conglomerate a high-profile global platform to showcase advanced technologies and provides Team Lotus with technological, R&D and manufacturing resources supplied by GE.
"On behalf of the whole team I am very proud to welcome GE into the Team Lotus family. It is a resounding endorsement of the remarkable development of our team that we have unveiled a partnership of this significance with one of the world's most eminent organisations," Tony Fernandes, Team Lotus Team Principal, said. "We are already exploring a number of initiatives that will bring the GE / Team Lotus relationship to life across the spectrum of GE's interests, from future automotive electrification technologies, materials sciences, design processes and core engineering competencies to the showcasing of GE's world class e-infrastructure capabilities throughout the global business and government communities in race and non-race markets alike.
"We are excited to sponsor Team Lotus and continue our relationship with Tony Fernandes," said Jeff Immelt, Chairman and Chief Executive Officer for GE. "We have worked with Tony for many years and know his commitment to the aviation business."
The global appeal and popularity of Formula 1 provides a unique opportunity for GE and we look forward to great things from Tony again as we become part of his team," Immelt added.