Lotus is teaming up with Cosworth and KV Racing Technology for its official return to the IndyCar series.

In its comeback, Lotus will champion a car suited in its classic racing green and yellow livery - a respectful nod to the Lotus racers of the 1950s and 1960s.

Former F1 driver Takuma Sato will pilot the new car, which made its track debut at the first USA round of the IndyCar Series in Sao Paolo on March 14.

Lotus, a company whose heritage has long been tied with motorsports, returned to Formula 1 racing this year and now makes its return to the IndyCar Series for the first time in 39 years.

It's hoped that the technical and commercial partnership of all three companies will bring the Lotus Cosworth pairing back to the glory days of the 1960s when it won the Indianapolis 500 in 1965 with the Lotus Type 38, driven by Jim Clark.

"Racing has always defined Lotus and on many occasions in motorsports history Lotus' numerous innovations have re-defined racing," explained Dany Bahar, Group Lotus CEO.

"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."

Lotus' return to Indy will be managed by Indianapolis-based KV Racing Technology. Owners Kevin Kalkhoven and Jimmy Vasser have high hopes for the team.

"We are delighted to be part of Lotus and Cosworth's return to the IndyCar Series, and with Takuma at the wheel of the classic racing green and yellow Lotus Cosworth race car, we expect to be formidable competitors this year."

Their enthusiasm was shared by Takuma Sato who signed for KV for the 2010 IndyCar Series.

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

Meanwhile, Lotus and Cosworth continue to work in partnership on the development of high performance engines for Lotus cars.