Saudi Aramco has finalized its acquisition of a 10% stake in HORSE Powertrain Ltd., a deal valued at €7.4 billion ($7.7 billion). The agreement, initially signed on June 28, received regulatory approval, marking a significant step in advancing hybrid combustion technologies to reduce transport emissions.
Renault Group and Geely retain 45% stakes each in HORSE Powertrain, leveraging Aramco’s expertise in synthetic fuels and low-carbon mobility. This collaboration aims to position HORSE Powertrain as a leading Tier 1 supplier in the automotive industry.
Driving Sustainability
Aramco’s investment supports research into lower-emission technologies. Ahmad Al-Khowaiter, Aramco’s EVP of technology and innovation, emphasized the importance of addressing diverse global transport needs through innovative solutions like synthetic fuels and efficient internal combustion engines.
HORSE Powertrain CEO Matias Giannini noted that Aramco’s expertise strengthens their technology leadership, making HORSE a valuable partner for automakers seeking advanced powertrain solutions.
Collaborative Innovation
The partnership will see HORSE Powertrain, Aramco, and Valvoline Global Operations focus on improving ICE technology, alternative fuels, and lubricants. This alliance aims to accelerate next-generation powertrain development and enhance HORSE Powertrain’s global production.
Expanding Global Partnerships
Aramco continues to build international alliances, including agreements with China’s Rongsheng Petrochemical and Vietnam’s Petrovietnam, reinforcing its commitment to sustainable energy and petrochemical innovations.