Red Bull has confirmed that it has formed a new company - Red Bull Powertrains Limited - that will take over Honda's F1 power unit technology from 2022.
Last week's unanimous vote by the F1 Commission to freeze engine development in F1 from 2022 paved the way for Red Bull's plans to continue using Honda's current power unit.
The freeze was a prerequisite for Red Bull as the energy drink company would not have been able to engage in a costly development war with its rival manufacturers.
To run its engine project which will supply Honda power unit technology to both Red Bull Racing and AlphaTauri until the next generation of F1 engines are introduced in 2025, a new company named Red Bull Powertrains Limited has been formed, with its activities housed and operated from the Red Bull Technology Campus in Milton Keynes.
"We have been discussing this topic with Honda for some time and following the FIA’s decision to freeze power unit development from 2022, we could at last reach an agreement regarding the continued use of Honda’s hybrid power units," commented Red bull motorsport boss Helmut marko.
"We are grateful for Honda’s collaboration in this regard and for helping to ensure that both Red Bull Racing and Scuderia AlphaTauri continue to have competitive power units.
"The establishment of Red Bull Powertrains Limited is a bold move by Red Bull but it is one we have made after careful and detailed consideration.
"We are aware of the huge commitment required but we believe the creation of this new company is the most competitive option for both teams."
Christian Horner, Red Bull Racing Team Principal, added: "This agreement represents a significant step for Red Bull in its Formula One journey.
"We were understandably disappointed when Honda made the decision to leave the sport as an engine manufacturer, as our relationship yielded immediate success, but we are grateful for their support in facilitating this new agreement.
"Honda has invested significantly in hybrid technology to ensure the supply of competitive power units to both teams.
"We now begin the work of bringing the power unit division in-house and integrating the new facilities and personnel into our Technology Campus. In the meantime, we are fully focused on achieving the best possible results in what will be Honda’s final season as an official power unit supplier."
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