Italian energy company Eni ENI.MI will return to the FIA Formula 1 World Championship after a 25-year break as energy and fuel supplier of Renault's RENA.PA racing team Alpine, they said on Thursday.
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The three groups will also work together to test new bio-gasoline products for racing purposes, they said in a joint statement.
Eni has developed a biofuel business and is Europe's second-largest producer of fuels made from vegetable oil, waste cooking oil and grease.
The Italian group and Renault also said they would explore potential joint business options in sectors including electric mobility infrastructure, smart mobility services, and energy supply.