Lotus Engineering and Mubadala Development Company (Mubadala) are pleased to announce the signing of a long-term Memorandum of Understanding (MoU).
12th February 2008
Lotus Engineering and Mubadala Development Company (Mubadala) are pleased to announce the signing of a long-term Memorandum of Understanding (MoU). The joint aim is to further enhance Abu Dhabi’s position at the forefront of environmentally orientated technologies and accelerate the development of its manufacturing and business infrastructure.
The agreement outlines the basis for a strategic relationship to discuss development in advanced technological disciplines. Activities will be focussed on reducing ‘well to wheel’ CO2 emissions through the use of advanced lightweight materials and hybrid technologies, thus supporting Abu Dhabi’s low carbon footprint philosophy and addressing the environmental imperatives facing the automotive industry globally.
Potential investments in the future of the worldwide automotive and associated industries can harness Abu Dhabi’s abundant natural resources and further support the achievement of Mubadala’s key strategic objective of diversifying and developing the rapidly growing economy of Abu Dhabi.
ENDS
Lotus Engineering
The main operating subsidiary of Group Lotus plc is Lotus Cars Ltd, which has two operating divisions - Lotus Engineering and Lotus Cars. Lotus Engineering is an internationally recognised automotive engineering consultancy based in Norfolk, UK. Global facilities include those in Michigan (USA), Kuala Lumpur (Malaysia), China and offices in Germany and Japan, with rapid expansion in new territories such as South East Asia and the Gulf States. Lotus Engineering provides comprehensive and versatile consultancy services to many of the world's OEMs and Tier 1 suppliers, offering a full engineering service from initial concept and project design through development and integration of the complete vehicle to meet all worldwide markets and customers to full production. This includes third party 'niche vehicle' engineering and manufacture worldwide.
Lotus Cars
Lotus Cars builds world class, prestige, high performance sports cars for sale in 37 countries. These include the iconic Lotus Elise, and the Exige and Europa. Lotus is a global high-tech company, expanding rapidly and committed to driving forward echnology for both Lotus Cars and its Engineering clients, spearheading research into such areas as hybrids, electric vehicles and renewable fuels.
Mubadala Development
Located in the capital of the United Arab Emirates (UAE), Mubadala Development Company (Mubadala) is an investment firm that is helping to diversify Abu Dhabi’s economy through capital intensive investments and by building businesses.
Our mandate is the establishment of new companies and the acquisition of strategic holdings in existing companies, either in the UAE or abroad. Mubadala focuses on generating sustainable economic benefits through a careful selection of business ventures in partnership with local, regional and international investors. Mubadala invests in a wide range of strategic sectors including energy, utilities, real estate, public-private partnerships, basic industries and services so as to diversify and further develop the rapidly growing economy of Abu Dhabi, while achieving superior returns on its investments. At the same time, Mubadala constantly benchmarks its activities and methods to the best-in-class, striving to develop its management team to its full potential and adding fresh and promising talent wherever possible.
For further details please contact:
Mike Kimberley, Group Lotus plc, Potash Lane, Hethel, Norfolk, UK, NR14 8EZ
Tel: +44(0)1953 608405; Fax: +44(0)1953 608108; CEOOnline@lotuscars.co.uk
Khaled Al Rashedi, Mubadala Development Company, PO Box # 45005, Abu
Dhabi, UAE. Tel: +971 2 616 0099, Fax: +971 2 616 0098