After signing final agreements on June 28, 2024, Aramco has completed its acquisition of a 10% stake in Horse Powertrain, with an enterprise valuation of €7.4 billion. Notably, Renault Group and Geely, through Geely Holding and Geely Auto, hold a 45% stake in Horse Powertrain. This investment not only strengthens the strategic partnership between Aramco and Horse Powertrain but also combines their expertise and resources to advance energy generation technologies, synthetic fuels, and lubricants.
This partnership relies on Aramco's R&D efforts in low-carbon mobility solutions, aimed at reducing transportation emissions and helping Horse Powertrain achieve its vision of becoming a first-class supplier of energy generation solutions to accelerate the energy transition.
Aramco, through its wholly-owned subsidiary Aramco Asia Singapore Pte Ltd, has successfully acquired a 10% ownership stake in Horse Powertrain, a global leader in hybrid and internal combustion energy solutions. This collaboration is based on Aramco's efforts to develop new mobility solutions with the potential to cut transport emissions.
Ahmad Al-Khowaiter, Executive Vice President of Technology and Innovation at Aramco, stated: “Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, the vast disparities in transport infrastructure, and the specific needs of drivers in different countries. At Aramco, we are pursuing a number of innovative solutions, from low-carbon synthetic fuels to more efficient internal combustion engines, as we seek opportunities to make a difference. Our investment in Horse Powertrain is based on our significant R&D work in this field. By uniting efforts with two of the world's leading automotive companies, we aim to leverage our collective knowledge to advance low-emission mobility solutions.”
Matthias Giannini, CEO of Horse Powertrain, said: “We are delighted that Aramco has closed its investment in Horse Powertrain. Aramco's expertise in alternative and synthetic fuels makes it the ideal partner for us to provide low-emission energy solutions. By enhancing our leadership in technology through this partnership, Horse Powertrain will become even more valuable as a partner for automotive brands looking to leverage our expertise and production footprint.”
