Starting with 2014 season, Formula 1 will come with new regulations. The most important change is the switch from 2.4 liter aspirated V8 unit to 1.6 liter direct-injected turbo V6 engine. The first manufacturer who unveiled its upcoming engine was Renault. The new unit is named Energy F1-2014 and features a special energy recovery system. 

The new power train can develop around 760 HP, 600 horsepower which will be supplied by the 1.6 liter unit. Rest of the power is coming from the energy recovery system. 

The new engine comes with more power and is more fuel efficient than the current V8. According to Renault, the new V6 engine has a lower rev limit of 15.000 rpm, down from 18.000 rpm as in the current V8. The turbo unit will have a boost pressure of 3.5 bar while the new ERS will be twice as powerful as the current KERS.

Source: Renault