Dhahran, Saudi Arabia — Saudi Aramco has completed the purchase of a 10 percent equity stake in Horse Powertrain, a global leader in hybrid and internal combustion powertrain solutions.
Aramco said it bought the stake through its directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd. The transaction builds on Aramco’s efforts to develop new mobility solutions with the potential to reduce transport emissions.
The transaction’s completion follows the signing of definitive agreements on June 28, 2024, and receipt of all applicable regulatory approvals. Aramco’s investment is based on Horse Powertrain’s €7.4-billion enterprise valuation, in which Renault Group and Geely (through Geely Holding and Geely Auto) each retain a 45 percent stake.
Aramco Executive Vice President of Technology & Innovation Ahmad O. Al Khowaiter said: “Our investment in Horse Powertrain builds on our considerable R&D in this field. In joining forces with two of the world’s leading carmakers, we aim to leverage our collective know-how to take lower-emission mobility solutions forward.”
Aramco’s investment is expected to accelerate Horse Powertrain’s efforts to develop next-generation internal combustion engines (ICE), hybrid powertrains, and complementary technologies like alternative fuel and hydrogen solutions. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants.