Lotus and Williams Advanced Engineering have just formally announced a strategic technical partnership, in which the companies will share research and development into advanced propulsion technologies.

The British automaker’s statement says Lotus Engineering has extensive and proven expertise in the integration and application of new technologies – for Lotus Cars and many global engineering clients, and is an acknowledged leader in lightweight structures and advanced materials.

Williams Advanced Engineering, on the other hand, is a well-known brand that’s deeply involved with motorsports. Its expertise include advanced propulsion systems and award-winning work, particularly through the application of knowledge derived from its exploits in high-tech Formula E race cars.

Lotus Cars CEO, Phil Popham said “our new technology partnership with Williams Advanced Engineering is part of a strategy to expand our knowledge and capability in the rapidly changing automotive landscape. Applying advanced propulsion powertrains can provide numerous exciting solutions across multiple vehicle sectors. Our combined and complementary experiences make this a very compelling match of engineering talent, technical ability and pioneering British spirit.”

Williams Advanced Engineering’s managing director, Craig Wilson said “Williams Advanced Engineering takes great pride in delivering innovation for our customers at a rapid pace of development, born from our Formula One heritage. We will be further developing next generation powertrains in this partnership with Lotus.”

Both firms have yet to announce the project they’ll be working on, but word is they could be developing a brand new all-electric hypercar dubbed Project Omega. Not much is known of the car, save for its purported RM10 million price tag, and that a concept model would be displayed sometime this year.

At launch, Project Omega will be the most ambitious project Lotus has undertaken in its 70-year history, and it will sit on the bones of an all-new, bespoke all-electric drivetrain. With that, it’s tipped to be the fastest, most expensive and most radical model to ever wear the Lotus badge. Considering Lotus’ expertise in making lightweight sports cars and Williams’ knowhow in battery technology, perhaps it’s safe to assume that a high-performance electric vehicle is indeed in the works.