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In a significant move in the automotive and energy sectors, Aramco has successfully completed the acquisition of a 10 percent equity stake in Horse Powertrain Limited (“Horse Powertrain”). This follows the definitive agreements signed on June 28, 2024, valuing the enterprise at €7.4 billion. Renault Group and Geely, via Geely Holding and Geely Auto, each maintain a 45 percent stake in the company.
This strategic investment strengthens the partnership between Horse Powertrain and Aramco, leveraging their combined expertise to advance powertrain technologies, synthetic fuels, and lubricants. This collaboration aligns with Aramco’s initiatives in reducing transportation emissions and supports Horse Powertrain’s goal to emerge as a consolidated Tier 1 powertrain supplier, accelerating the energy transition.
Aramco, through its fully owned subsidiary, Aramco Asia Singapore Pte. Ltd., marks this acquisition as a step forward in its quest to develop innovative mobility solutions aimed at minimizing transport emissions. The completion of this transaction was made possible following regulatory approvals, underscoring a shared vision of enhanced lower-carbon mobility solutions.
Ahmad O. Al Khowaiter, Aramco Executive Vice President of Technology & Innovation, remarked, "Addressing transport emissions necessitates a broad spectrum of approaches, acknowledging the diversity in global vehicle fleet, transport infrastructures, and motorists’ needs across various regions. Our investment in Horse Powertrain is a continuation of our extensive R&D in developing potential innovative solutions. Collaborating with leading automakers enables us to push forward with more effective lower-emission mobility technologies."
Matias Giannini, CEO of Horse Powertrain, expressed his enthusiasm about the closure of this deal, stating, "Aramco’s profound expertise in alternative and synthetic fuels positions them as an ideal partner for us in delivering advanced lower-emission powertrain solutions. This partnership not only enhances our technology leadership but also increases our value as a key ally to automotive brands globally."
Jamal Muashsher, CEO of Valvoline Global Operations, added, "Our collaboration with Horse Powertrain and Aramco allows us to leverage over 150 years of innovation in automotive technology. We are excited to contribute to developing future-ready solutions in ICE technology, fuels, and lubricants, enhancing our longstanding tradition in OEM partnerships."
This partnership is expected to catalyze Horse Powertrain’s development of innovative ICE and hybrid powertrains, as well as alternative fuel and hydrogen technologies. With this strengthened alliance, Horse Powertrain aims to further solidify its position as a leading provider of cutting-edge hybrid and ICE powertrain solutions, significantly contributing to the reduction of global vehicle emissions.
Board of Directors Update: The Board of Directors at Horse Powertrain will now include three representatives from Geely—Daniel Donghui Li, Jerry Gan, and Andy An; three from Renault Group—François Provost, Thierry Charvet, and Denis Le Vot; and Ali A. Al Meshari from Aramco.
About Horse Powertrain: Horse Powertrain operates 17 global plants and five R&D centers, employing approximately 19,000 individuals. The company serves 10 industrial customers in 130 countries, offering a range of powertrain solutions including full hybrids, plug-in hybrids, and internal combustion engines utilizing alternative fuels.