The details of the sponsorship are being kept under wraps until January next year. However, Emmanuel Seuge, Coke’s group director of worldwide sports and entertainment marketing division, has revealed the partnership will incorporate "art and music in a way that will break the conventions of traditional Formula 1 marketing".
He said: "Lotus F1 Team, as the number-one emerging challenger in the sport, has demonstrated exceptional creativity in their approach to Formula 1 racing and their collaborations with partners - an approach that mirrors the philosophy of Burn."
Burn, which is available in more than 80 countries across Europe, Asia, Africa and Latin America, bears the logo of a burning flame, and initial imagery to promote the partnership shows a Lotus F1 Team car on a track with red flames illustrated on top of it.
Coke joins high-profile energy brand sponsor Red Bull in the F1 market, alongside Mercedes sponsor Monster, McLaren sponsor Lucozade, and Ferrari sponsor TNT.
Eric Boullier, team principal, Lotus F1 Team, said: "We are excited to partner with Burn to build a new and innovative model for sponsorships that will combine experiences, content creation and social media, an area in which our team has been at the cutting edge in Formula 1 for the past 18 months, recording the highest growth rate amongst fans this year."