Aramco, a global leader in energy and chemicals, has completed the acquisition of a 10% equity stake in Horse Powertrain through its subsidiary, Aramco Asia Singapore. Horse Powertrain is renowned for its expertise in hybrid and internal combustion engine (ICE) powertrain technologies. This investment, based on a €7.4 billion enterprise valuation, is part of Aramco’s strategy to develop innovative mobility solutions aimed at reducing transportation emissions. The deal, finalized after regulatory approvals and definitive agreements signed on June 28, 2024, leaves Renault Group and Geely (via Geely Holding and Geely Auto) as the majority shareholders, each retaining a 45% stake in Horse Powertrain.
Ahmad O. Al Khowaiter, Aramco’s Executive Vice President of Technology & Innovation, emphasized the significance of the collaboration: “Tackling transport emissions demands diverse solutions tailored to global vehicle fleets and regional needs. Our investment in Horse Powertrain complements our ongoing R&D in lower-carbon synthetic fuels and efficient combustion engines. Partnering with Renault and Geely allows us to collectively drive advancements in sustainable mobility.”
Horse Powertrain CEO Matias Giannini added, “Aramco’s expertise in synthetic and alternative fuels positions it as a key ally in delivering low-emission powertrain technologies. This partnership strengthens our capabilities, making us an even more valuable resource for automotive brands seeking innovative and globally scalable solutions.”
Jamal Muashsher, CEO of Valvoline Global Operations, also highlighted their role in the collaboration: “As a partner and supplier, Valvoline Global will apply its legacy of automotive innovation to enhance ICE technologies, fuels, and lubricants. Together with Horse Powertrain and Aramco, we are driving the future of mobility.”
The partnership aims to accelerate the development of cutting-edge ICE and hybrid powertrains while exploring alternative fuel and hydrogen-based solutions. Horse Powertrain is set to leverage Aramco and Valvoline’s technical expertise to refine ICE technology, improve fuel efficiency, and advance sustainable lubricants.
Horse Powertrain, with a production capacity of five million powertrain units annually, offers a diverse portfolio that includes full hybrids, long-range plug-in hybrids, and internal combustion engines compatible with alternative fuels like ethanol, methanol, LPG, CNG, and hydrogen. This comprehensive approach aligns with the shared vision of Aramco, Renault, and Geely to combine technologies for a seamless energy and mobility transition.
The collaboration is expected to solidify Horse Powertrain’s position as a leading partner for automotive and transportation companies, delivering innovative powertrain solutions that reduce global emissions and support sustainable mobility on a large scale. Horse Powertrain specializes in delivering advanced drivetrain solutions designed for high-performance and reliable mobility. Catering to automotive, agricultural, and industrial sectors, the company focuses on innovative technologies that enhance power efficiency, reduce emissions, and ensure durability.
From robust engine components to seamless transmission systems, Horse Powertrain integrates precision engineering with cutting-edge materials to meet the evolving needs of modern machinery. Committed to sustainability, the company actively develops eco-friendly systems, including hybrid and electric powertrain solutions, to support a greener future. With a legacy of excellence and a customer-centric approach, Horse Powertrain continues to set benchmarks in the powertrain industry.
As one of the world’s leading integrated energy companies, Aramco focuses on producing reliable and sustainable energy resources to meet global demand. Its investments in innovation and technology underscore its role in fostering stability and growth.
