Lotus and Cosworth have entered into a new technical and commercial partnership with established IndyCar outfit KV Racing Technology to compete in the 2010 IndyCar Series with former F1 star Takuma Sato.

The Lotus-Cosworth IndyCar will feature the classic Racing Green and Yellow livery used on Lotus Racing cars in the 1950s and 1960s, and this new colour scheme will debut at the first USA round of the IndyCar Series.

Lotus participated for a number of years in the IndyCar Series in the 1960s, winning the iconic Indianapolis 500 outright in 1965 with the pioneering Lotus Type 38, driven by Jim Clark, and narrowly missing victory as it took the chequered flag second in 1963.

"Racing has always defined Lotus," underlined Dany Bahar, CEO of Group Lotus plc, "and on many occasions in motorsport history, Lotus' numerous innovations have re-defined racing. It's only fitting that as the Lotus Racing name re-enters Formula 1, we will also race and innovate again in IndyCar. The Lotus name will, once again, compete in the top two open-wheel racing series' for the passion and enthusiasm of car fans around the globe."

The return to the IndyCar Series follows on from the recent announcement that Lotus and Cosworth are to become closely-associated through a strategic partnership looking at the opportunity to develop high-performance engines for Lotus cars.

'We are delighted to be part of Lotus and Cosworth's return to the IndyCar Series, and with Takuma at the wheel, we expect to be formidable competitors this year,' added a statement from KV Racing Technology co-owners Kevin Kalkhoven and Jimmy Vasser.

"This is fantastic news for everyone!" enthused Sato. "It is exciting for me to be a Lotus driver, and I'm really looking forward to great success with this new project."

The 2010 IndyCar Series begins with the S?o Paolo Indy 300 in Brazil on 14 March.