Lotus took time out putting their new E22 car through its paces in Bahrain on Thursday to announce the signing of a new deal with Renault engines for "2014 and beyond".
Confirming the news Lotus chief executive officer Matthew Carter said: "Lotus F1 team and Renault Sport F1 have enjoyed a successful partnership these past few years and we look forward to continue to build on our relationship and collaboration in 2014 and beyond.
"It is the beginning of a new era in Formula 1 and we are pleased to embrace it together with Renault Sport F1."
Lotus is owned by investment group Genii Capital. They bought the team from Renault, who supplied Fernando Alonso with the world titles in 2005 and 2006, at the end of 2009.
Lotus, who finished fourth in last year's constructors' championship, have had a change of personnel this season, triggered by Kimi Raikkonen's switch to Ferrari.
The Finn's place has been filled by Venezuelan Pastor Maldonado, who links up with France's Romain Grosjean.
Lotus opted out of testing at Jerez last month, electing instead to give their 2014 car its first run out on Bahrain's Sakhir circuit on Wednesday.
Renault are powering four teams in the 2014 Formula One championship - Red Bull, Toro Rosso, Lotus and Caterham.