Caterham F1 has confirmed that it has successfully extended its current engine supply contract with Renault for a further three years, taking it through to the end of the 2016 season.

The new deal will take Caterham into a period of radical change in F1, with engine specifications being comprehensively overhauled for 2014 which will see Caterham introduce the new Renault Energy F1 Power Unit, a V6 turbocharged engine equipped with potent energy recovery systems.

"This announcement is obviously very good news for our F1 team," said Caterham team principal Cyril Abiteboul, speaking ahead of this weekend's Singapore Grand Prix. "[It] is a reflection of the deep bonds that have been created between our two businesses since 2011.

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"The depth of our partnership will certainly pay dividends in 2014, helping us tackle the new regulations quickly and efficiently, helping to give us the best opportunity to continue our progress up the grid in 2014 and beyond," he added.

The new Renault Energy F1 is described as a cutting edge power plant designed for the radical new 2014 technical regulations, uniting a V6 turbocharged direct injection internal combustion engine with two motor generator units that harvest energy dissipated in the exhaust gasses and brakes and deploy as both electrical and mechanical power.

When combined the energy systems and engine will produce more power than the current V8 engines while also being over 35 percent more energy efficient thanks to technical and sporting regulations that prescribe a fuel flow limit of 100kg/h and maximum quantity of 100kg permitted per race.

"The 2014 season heralds a new era for F1 with our sport taking a positive stance in aligning itself with the technical changes in the global automotive industry, and Renault is right at the cutting edge of that development," explained Abiteboul.

"When our F1 partnership began in 2011, we as a young team were immediately impressed by the various benefits of the collaboration on our operations, and since then we are relentlessly pushing them even further," he continued. "Given the age and status of our team we have also been pleased to see Renault Sport F1 adapting their operational practices to suit our size and optimizing our integration with an enhanced technical collaboration.

"We work together in an open and honest manner to help Caterham F1 Team achieve its short-term goal of establishing itself as an integral part of F1 and to help Renault achieve the deserved recognition of its technical edge," he added.

Speaking for Renault Sport F1, president and managing director Jean-Michel Jalinier said that he was pleased the two companies were sticking together during the upcoming period of change in the sport.

"Over the past three years we have seen Caterham mature, with impressive new facilities and a solid technical structure," said Jalinier. "The new technical regulations provide a big challenge, but with change comes opportunity and next year is a prime chance for the team to secure the next targets in its ongoing plans.

"From the very start our partnership has been comprehensive and it is therefore natural that we would want to see it pay dividends," he explained. "We are very happy with the quality and depth of the teams we will supply and look forward to seeing the first generation of Energy F1-powered cars hit the track next year."

As well as their association in F1, last year Caterham also formed a partnership with the Renault-owned sportscar business Alpine to develop a new range of lightweight road cars.