On June 28th, Saudi Aramco signed a final agreement to acquire a 10 per cent stake in HORSE Powertrain Limited, a global powertrain technology company, to become its shareholders together with Renault Group, Zhejiang Geely holding Group and Geely Automobile holding Co., Ltd. (hereinafter referred to as Geely).
HORSE Powertrain Limited was established by Renault Group and Geely on May 31, 2024, registered and headquartered in London, England.
Saudi Aramco will buy a 5 per cent stake in HORSE Powertrain Limited from Renault and Geely, each of which will retain a 45 per cent stake.
The price paid by Saudi Aramco at the time of delivery, subject to regular delivery conditions, including regulatory approval, will be based on a corporate valuation of 7.
4 billion euros.
, 
, this investment will strengthen Saudi Aramco’s contribution to global energy transformation by developing and commercializing more sustainable mobile solutions.
The agreement also includes cooperation plans between Saudi Aramco and Sheng Brand Valvoline in technology, fuel and lubricants to jointly improve the performance of HORSE Powertrain Limited internal combustion engines (ICE).
Saudi Aramco, Renault and Geely agree that a successful decarbonization transition in the automotive industry requires the use of a variety of technologies, including efficient internal combustion engines (ICE), transmissions, hybrid assemblies, low-carbon synthetic fuels and hydrogen, as well as vehicle electrification technology to ensure a smooth transition in the global energy and mobile sectors.
HORSE Powertrain Limited is committed to becoming a leader in the next generation of ultra-low emission technologies.
Saudi Aramco’s unique capabilities, especially the synthetic fuel, hydrogen and internal combustion engine optimization research conducted by its global network of R & D centers, will help develop long-term sustainable and easy-to-popularize decarbonization solutions.
, Ahmad O.
Khowaiter, Executive Vice President of Technology and Innovation, Saudi Aramco, said: “Saudi Aramco’s investment is aimed at promoting the development and application of economic, efficient and low-carbon internal combustion engines worldwide.
Together with Renault and Geely, we will take advantage of professional synergy and resources to accelerate breakthroughs in engine and fuel technology.
We focus on innovation and are committed to providing solutions that meet the needs of automakers and drivers while reducing transport emissions.
Through the long-term partnership between Valvoline and HORSE Powertrain Limited, Renault and Geely, we have also demonstrated Saudi Aramco’s ability to create and realize value on a global scale.
” Luca de Meo, CEO of Renault Group, said: “decarbonization in the automotive industry is not alone.
It requires many top players to work together to explore new paths and come up with innovative solutions.
Today, we welcome Saudi Aramco to HORSE Powertrain Limited as a strategic partner, forming a dream team that will work together to reshape the future of internal combustion engine and hybrid technology.
” Li Shufu, chairman of Geely Holdings Group, said: “achieving net zero emissions requires global collaboration, diversified technological solutions and the sharing of expertise.
Thanks to Saudi Aramco’s support and expertise in fuel technology, HORSE Powertrain Limited has further consolidated its leading position in the development of low-carbon and carbon-free fuel technology solutions such as methanol and hydrogen.
” Matias Giannini, CEO of HORSE Powertrain Limited, said: “I am very happy to join Saudi Aramco.
Their expertise in synthetic fuels and hydrogen makes us an ideal partner for providing cutting-edge, low-emission powertrain solutions to drive the industry towards decarbonization.
We will work together to set standards of innovation in the automotive industry.
” HORSE Powertrain Limited currently has 17 factories around the world and 9 industrial customers in 130 countries.
It has about 19000 employees in five major R & D centers.
It is expected to have about 5 million powertrain units per year and covers all types of powertrain solutions-including full hybrid and long-range plug-in hybrids, as well as internal combustion engines using alternative fuels such as ethanol, methanol, liquefied petroleum gas (LPG), compressed natural gas (CNG) and hydrogen.
(compiled / Automotive Home Wang Yin), return to the first electric net home page.
