A disappointing 2014 so far for Lotus has seen them claim just eight points to sit eighth in the constructors' standings.
It was revealed on Thursday that from next year their power units will be supplied by German manufacturer Mercedes in attempt to be more competitive.
"We are pleased to have been chosen by Mercedes AMG High Performance Powertrains in a significant long-term deal," said Lotus F1 chief executive officer Matthew Carter.
"We intend to return to the front of the field with the goals of winning Grands Prix and being a strong championship contender once more and we see this new agreement as one step towards this aim.
"The Mercedes-Benz power unit has shown good performance on track and it is our goal to marry this motive force to Enstone's chassis expertise. It is our desire that the E23 Hybrid, powered by Mercedes-Benz, heralds a new era of success for Enstone.
"At this juncture we would also like to thank Renault, who have been so closely associated with the team over its history and for the joint success we have achieved together."
Williams and Force India will also use Mercedes engines as of next season.