The Renault F1 Team has announced that it has concluded a multi-year partnership with PVAXX. Signed last week in London by team Managing Director Flavio Briatore and PVAXX founder Henry Stevens, the agreement will provide PVAXX with a dynamic global platform from which to promote its worldwide product rollout, beginning in the second quarter of 2007.

PVAXX is a material science and technology group operating in a wide range of logistical, household and recreational product fields. They are currently amalgamating the global pallet manufacturing industry, a $30bn market that represents a significant commercial opportunity for the world-class PVAXX vision - a combination of advanced proprietary manufacturing and materials technologies with next-generation environmental responsibility.

The PVAXX vision encompasses a technological leap forward that makes the company an ideal fit for the cutting-edge world of Formula 1, where competitive advantage can be derived from technological expertise, leading-edge production methods – and the forward thinking to move beyond traditional solutions.

The technology, team ethos and winning performance of the Renault F1 Team made the reigning world champions the logical choice for PVAXX. The two companies will collaborate closely throughout 2007 and beyond to build the PVAXX brand, benefiting from the unrivalled global platform offered by Formula 1 to establish PVAXX at the forefront of their commercial field.

The first part of this programme will see PVAXX branding appear on the Renault F1 R26 race-cars for the final races of the 2006 season. The PVAXX logo will feature on the side of the nose and on the drivers' helmets, beginning at the 2006 Chinese Grand Prix – a key race in the team's World Championship defence.

Renault F1 Team Managing Director Flavio Briatore commented: "We are delighted to welcome PVAXX to our portfolio of commercial partners, and to welcome them to the world of Formula 1. Renault F1 Team and PVAXX share the commitment to delivering winning performance through world-class vision and working practices. We look forward to a fruitful partnership in the seasons ahead."

PVAXX founder Henry Stevens commented: "Our relationship with the Renault F1 Team marks the start of an exciting era for PVAXX and our partners. As a company PVAXX is all about innovative design, forward thinking and using the very latest technological advances to provide our clients with the best-performing and most cost- effective products possible. The Renault F1 Team ethos and work ethic perfectly match the PVAXX company values - this together with their outstanding performance and strength over the past couple of seasons made Renault the obvious choice when we made the decision to enter into Formula One."