Christian Horner praised Honda's contribution over the past two years saying they have invested heavily in hybrid technology, which in turn leaves Red Bull with a bright future.
With an agreement in place for the proposed engine freeze, Red Bull have quickly cemented their short-term future by agreeing on a deal to run Honda's power units once the Japanese brand leaves the sport. Red Bull will now establish the Red Bull Powertrains company, an initiative Horner believes will pay dividends, especially given Honda's initial investment.
"This agreement represents a significant step for Red Bull in its Formula One journey," Horner said in a statement issued by Red Bull.
"We were understandably disappointed when Honda made the decision to leave the sport as an engine manufacturer, as our relationship yielded immediate success, but we are grateful for their support in facilitating this new agreement.
"Honda has invested significantly in hybrid technology to ensure the supply of competitive power units to both teams,"
"We now begin the work of bringing the power unit division in-house and integrating the new facilities and personnel into our Technology Campus. In the meantime, we are fully focused on achieving the best possible results in what will be Honda’s final season as an official power unit supplier.”