Aramco, through its subsidiary Aramco Asia Singapore Pte. Ltd., has completed the acquisition of a 10% equity stake in Horse Powertrain, a global leader in hybrid and internal combustion powertrain solutions.
The investment, based on a €7.4 billion enterprise valuation of Horse Powertrain, aligns with Aramco’s strategy to advance lower-emission mobility solutions.
Renault Group and Geely Holding each retain a 45% stake in the company.
The transaction follows the signing of definitive agreements in June 2024 and receipt of regulatory approvals.
Aramco’s investment aims to accelerate the development of next-generation internal combustion engine (ICE) and hybrid powertrains, as well as technologies like alternative fuels and hydrogen solutions.
Horse Powertrain, leveraging its expertise and global production footprint, seeks to strengthen its role as a key partner to automotive brands looking for advanced and accessible powertrain solutions.
The collaboration with Aramco and its affiliate Valvoline Global Operations will focus on innovations in ICE technology, fuels, and lubricants to reduce vehicle emissions worldwide.
Aramco’s investment reflects its commitment to addressing transport emissions through a diversified approach, including synthetic fuels and more efficient combustion technologies.
Horse Powertrain’s global manufacturing capabilities and economies of scale are expected to enhance its value proposition in the automotive and transportation sectors, supporting its mission to provide cutting-edge solutions for a lower-emission future.
Business News Asia
