Saudi Aramco acquires 10% of horse powertrain company-Renault Group and" Geely", specialized in transmission solutions

Saudi Aramco, one of the world's leading integrated companies in the field of energy and chemicals, through a wholly owned subsidiary, has signed final agreements to acquire a 10% stake in horse power train Co., Ltd., the new global company specializing in transmission solutions, along with Renault Group, Zhejiang Geely Holding Group and Geely Automotive Holding Co., Ltd. ("GEELY").
Horse powertrain Company Limited was established on May 31, 2024 by the "Geely" and"Renault" groups, a registered company with its head office in London, UK.
Saudi Aramco will acquire a 10% stake in horse Powertrain Limited, while the "Renault" and"Geely" Group will retain an equal share of 45% each.
According to the statement issued by Saudi Aramco today ..
The closing price to be paid by Saudi Aramco, which is subject to customary closing conditions including obtaining regulatory approvals, will be based on the full value of the company in the amount of EUR 7.4 billion.
The investment aims to enhance Saudi Aramco's contribution to the global energy transition through the development and commercialization of more efficient mobility solutions. The agreements also include cooperation measures between Saudi Aramco and" Valvoline " in the field of technologies, fuels and lubricants to improve the performance of internal combustion engines (ICE) produced by horse power train Ltd., collectively.
Saudi Aramco, Renault Group and Geely are aiming to support the orderly transition in the field of energy and mobility around the world through their common vision based on the fact that it will require a combination of different technologies to reduce carbon emissions from the automotive industry, including high-efficiency internal combustion engines, transmissions, hybrid engines, alternative fuels such as low-carbon synthetic fuels and hydrogen, in addition to electric cars.
The outstanding potential of Saudi Aramco, which includes a global network of research and development centers, will conduct research on synthetic fuels and hydrogen, improve internal combustion engines, and facilitate the development of low-carbon and more sustainable solutions.
Executive vice president of technology and innovation at Saudi Aramco, Ahmed Al-khuwaiter, noted that Saudi Aramco's investment is expected to directly contribute to the development and use of affordable, efficient and low-carbon internal combustion engines globally, and Aramco plans with both Geely and Renault to leverage its expertise and resources to support outstanding progress in engine and fuel technologies, and a strong focus on innovation, as it aims to provide solutions that can reduce greenhouse gas emissions from transportation while meeting the needs of both car manufacturers and drivers, and and by securing a long-term partnership between "Valvoline"  "Through this investment, we are also demonstrating Saudi Aramco's ability to realize and benefit from value on a global level," said the company's Chairman, Mr. Abdulaziz Alwaleed.
For his part, the CEO of the Renault Group, Luca di Meo, pointed out that reducing carbon emissions from the automotive industry will not be an isolated process, but it requires the concerted efforts of the best players in this field in order to open new paths and come up with innovative solutions.welcome Saudi Aramco as a strategic partner in horse power train Co. Ltd., thus forming a dream team to reinvent the future of internal combustion engine technologies and hybrid technologies.
For his part, the CEO of the "Geely Holding" Group, Daniel Lee, explained that reducing greenhouse gas emissions requires global cooperation, multifaceted technical solutions, as well as the exchange of experience. Thanks to the support of Saudi Aramco and its expertise in fuel technologies, horse Powertrain Limited is strengthening its role as a leader in the field of low-carbon and carbon-free fuel technology solutions such as methanol and hydrogen, "he added.
Matthias Giannini, CEO of horse power train limited, expressed his happiness that Saudi Aramco has joined horse power train limited, as Aramco has experience in the field of fuel and hydrogen, which makes it an ideal partner for us to provide advanced and low-emission transmission solutions, which enhances and takes forward the efforts of reducing carbon emissions in our industry. Together, we will set new standards for innovation in the automotive sector.