Aramco Spearheads Investment in HORSE Powertrain Limited, Pioneering Next-Generation Low-Emission Technologies
Aramco, a leader in integrated energy and chemicals, has secured a 10% stake in HORSE Powertrain Limited, an innovative global powertrain solutions firm. This partnership with Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Limited strengthens Aramco's position in sustainable mobility. Formed on 31 May 2024, HORSE Powertrain Limited, headquartered in London, UK, is set to transform the automotive sector.
By purchasing shares equally from Renault Group and Geely, Aramco joins a partnership wherein each retains a 45% equity share. The acquisition, costing based on a €7.4 billion valuation, awaits customary regulatory approvals.
This investment boosts Aramco’s role in the global energy transition, fostering the development and commercialization of greener mobility solutions. It also involves collaboration with Valvoline on pioneering technologies and fuels that enhance HORSE Powertrain Limited’s internal combustion engines.
Aramco, Renault, and Geely agree that decarbonizing the automotive sector requires diverse technologies. Their combined efforts focus on refining internal combustion engines, enhancing transmissions, developing hybrid systems, and exploring alternative fuels, including synthetic and hydrogen options, alongside vehicle electrification.
HORSE Powertrain Limited aims to lead with ultra-low emission technologies. Aramco’s extensive R&D network supports this mission, focusing on synthetic fuels, hydrogen, and engine optimization to develop sustainable, accessible solutions.
Aramco’s Executive Vice President of Technology & Innovation, Ahmad O. Khowaiter, commented, “Aramco’s investment will significantly enhance the development and deployment of cost-effective, efficient, and eco-friendlier internal combustion engines worldwide. Together with Geely and Renault, we aim to advance engine and fuel technologies significantly.”
Renault Group CEO, Luca de Meo, shared, “Decarbonizing the automotive industry is a collaborative effort. By welcoming Aramco into HORSE Powertrain Limited, we form a dream team set to reinvent the future of ICE and hybrid technologies.”
Geely Holding CEO, Daniel Li, added, “Achieving net-zero emissions requires global collaboration and multifaceted technological solutions. Aramco’s expertise significantly propels HORSE Powertrain Limited as a frontrunner in developing low-carbon fuel technologies.”
HORSE Powertrain Limited CEO, Matias Giannini, expressed, “With Aramco’s partnership, their expertise in synthetic fuels and hydrogen positions us excellently to advance low-emission powertrain solutions and lead the automotive sector's decarbonization.”
HORSE Powertrain Limited boasts a significant global presence:
17 plants worldwide
Serves industrial customers in 130 countries
Operates five R&D centers
Employs around 19,000 staff
Strategically focused on China, Europe, and Latin America
Anticipates producing approximately 5 million powertrain units annually
Covers all powertrain solutions, including full hybrids, long-range plug-in hybrids, and internal combustion engines using alternative fuels like ethanol, methanol, LPG, CNG, hydrogen, etc.