Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited.

Riyadh: Aramco, a leading global energy and chemical company, has finalized the acquisition of a 10% equity stake in Horse Powertrain Limited through its wholly-owned subsidiary, Aramco Asia Singapore Pte. Ltd. This strategic investment aims to advance Aramco's initiatives in developing mobility solutions that could significantly reduce transportation emissions. According to Saudi Press Agency, the completion of this transaction follows the signing of definitive agreements on June 28, 2024, and the receipt of all necessary regulatory approvals. The investment values Horse Powertrain at £7.4 billion, with Renault Group and Geely each maintaining a 45% stake. Aramco's Executive Vice President of Technology and Innovation, Ahmad O. Al Khowaiter, emphasized the importance of addressing transport emissions through innovative solutions, leveraging their R and D expertise alongside two prominent car manufacturers. Matias Giannini, CEO of Horse Powertrain, expressed enthusiasm about Aramco's investment, citing Aram co's proficiency in alternative and synthetic fuels as crucial to delivering low-emission powertrain solutions. This partnership reinforces Horse Powertrain's position as a valuable partner for automotive brands seeking to capitalize on their technological leadership and global production capabilities. Jamal Muashsher, CEO of Valvoline Global Operations, highlighted the collaboration with Horse Powertrain and Aramco to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants. Valvoline Global aims to contribute its extensive automotive expertise to shape the next generation of mobility through this partnership. Aramco's investment is expected to accelerate Horse Powertrain's development of next-generation internal combustion engines, hybrid powertrains, and technologies such as alternative fuel and hydrogen solutions. The collaboration with Valvoline Global will focus on innovations in ICE technology, fuels, and lubricants, further enhancing Horse Powertrain's value pro position to global automotive and transportation sectors. With its technological expertise, global manufacturing presence, and economies of scale, Horse Powertrain is poised to become a leading partner in hybrid and ICE powertrain solutions, committed to reducing vehicle emissions worldwide. The Board of Directors of Horse Powertrain includes representatives from Geely, Renault Group, and Aramco, reflecting a strong collaborative governance structure. Horse Powertrain operates 17 global plants, serves ten industrial customers across 130 countries, including vehicle manufacturers, and manages five R and D centers with a workforce of 19,000 employees. Its strategic focus on China, Europe, and Latin America supports an expected annual output of five million powertrain units, including full hybrids, long-range plug-in hybrids, and ICEs utilizing alternative fuels like ethanol, methanol, LPG, CNG, and hydrogen.