The Williams F1 Team and Mercedes Benz have announced an engine agreement for 2014.

The agreement covers the engines and the Energy Recovery System (ERS), which will be able to deploy ten times more energy than the current KERS. The new ERS will harvest energy from the exhaust turbine and rear axle. The transmission and the chassis will be supplied by Williams.

Williams founder and team principal, Frank Williams said, “I’m delighted to announce our new association with Mercedes-Benz for the 2014 Formula One season and beyond.”

“We are also pleased to conclude this agreement early in the season and we very much look forward to working with Mercedes AMG HPP (High Performance Powertrains) in developing our 2014 race car,” said Deputy Team Principal, Claire Williams

Toto Wolff, Executive Director of Mercedes AMG Petronas and shareholder at Williams, concluded by saying, “It is a win-win situation for both HPP and Williams, which will ensure HPP is able to supply at least three teams on a long-term basis under the new regulations and could open interesting new perspectives for technology transfer.”