Boeing and the Renault F1 Team will collaborate on technology development for aerospace and motor racing projects.

Boeing, a leader in aerospace technology, and the Renault Formula 1 racing team, a leader in the high-tech, fast-moving motor sport industry, signed a memorandum of understanding this month to investigate technology collaboration projects of mutual interest.

Under this agreement, technologists in Boeing Phantom Works, the company's advanced research-and-development unit, and the Renault F1 Team have begun discussing possible collaboration on a number of advanced design and manufacturing technologies.

"Boeing Phantom Works has been entering into research relationships around the world as part of our effort to find new technologies and processes for improving aerospace products and services," said Miller Adams, vice president of Boeing Technology Ventures, a unit of Phantom Works. "There are interesting similarities between the technologies required to develop Formula 1 racing cars and aerospace products. We are very pleased to commence this collaboration with the Renault F1 Team, a world-class racing organization."

"Formula 1 is the ideal proving ground for leading-edge technologies, and we believe that this relationship will make a valuable contribution to meeting our performance objectives, as well as theirs," said Bob Bell, Renault F1 Team technical director. "Within the team, we are excited at the prospect of collaborating on innovative research programs with Boeing, and look forward to exploiting the natural synergies between the aerospace industry and Formula 1."