Not long ago we posted on Lotus' plans to develop business in Saudi Arabia. Lotus Engineering and Mubadala Development Company have now announced a similar agreement in Abu Dhabi, the capitol of the United Arab Emirates.
As in the case of Saudi Arabia, Abu Dhabi is wondering what to do when they run out of oil to sell. As the announcement from the Lotus and Mubadala states, a company that reduces well-to-wheel CO2 emissions can be a good idea for Abu Dhabi's plans. The company will work with advanced lightweight materials and hybrid technologies
The press release states that this will support "Abu Dhabi's low carbon footprint philosophy" and will "address the environmental imperatives facing the automotive industry globally." You can read it after the jump.
Agreement Encourages Technology Development in Abu Dhabi
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 inadvanced 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.