Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) purchased a 10% equity in Horse Powertrain, a global leader in hybrid and internal combustion powertrain solutions, according to a press release.
The oil giant completed the transaction through its wholly owned subsidiary, Aramco Asia Singapore Pte. Limited, building on its efforts to develop new mobility solutions to lower transport emissions.
This follows the signing of definitive agreements last June and obtaining all applicable regulatory approvals.
Aramco’s investment is based on a EUR 7.40 billion enterprise valuation of Horse Powertrain, in which Renault Group and Geely, through Geely Holding and Geely Auto, will retain a 45% stake, each.
Under the joint deal, Aramco and affiliate Valvoline Global Operations will team up with Horse Powertrain to evolve ICE technology, fuels, and lubricants.
Ahmad Al Khowaiter, Aramco Executive Vice President of Technology and Innovation, said: “Our investment in Horse Powertrain builds on our considerable R&D in this field. In joining forces with two of the world’s leading carmakers, we aim to leverage our collective know-how to take lower-emission mobility solutions forward.”
Matias Giannini, CEO of Horse Powertrain, noted: “By strengthening our technology leadership with this partnership, Horse Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint.”
Aramco’s investment is expected to boost Horse Powertrain’s vision to establish next‑generation ICE and hybrid powertrains, along with complementary technologies, including alternative fuel and hydrogen solutions.
In the first nine months (9M) of 2024, Aramco posted 11.25% lower net profits at SAR 314.65 billion, compared to SAR 354.54 billion in 9M-23.
