Energy Giant Aramco to Acquire Stake in Renault & Geely Owned HORSE Powertrain

Aramco, one of the world’s leading integrated energy and chemicals companies, is to acquire a 10% equity interest in HORSE Powertrain Limited, a new global powertrain solutions company. HORSE Powertrain Limited was formed in May, 2024, by Renault Group and Geely Group.

It is incorporated and headquartered in London, UK.

Saudi Arabia-based Aramco will acquire a 10% equity interest in HORSE Powertrain in equal parts from Renault Group and Geely, which will each retain 45% equity stakes.

The agreement also includes collaboration arrangements for Aramco and Valvoline on technologies, fuels, and lubricants to collectively improve the performance of HORSE Powertrain internal combustion engines (ICE).

All types of powertrain solutions are covered by the new company, including full hybrids and long-range plug-in hybrids as well as ICE that use alternative fuels such as ethanol, methanol, LPG, CNG, and hydrogen.

Luca de Meo, Renault Group CEO, says: “Decarbonizing the automotive industry won’t be a solo play. It requires the best players to join forces to open new paths and come up with innovative solutions. That is what’s happening today as we welcome Aramco as a strategic partner in HORSE Powertrain Limited. A dream team is born to reinvent the future of ICE and hybrid technologies.”

Ahmad O. Khowaiter, Aramco Executive Vice President of Technology & Innovation, adds: “Aramco’s investment is expected to directly contribute to the development and deployment of affordable, efficient, and lower-carbon emission internal combustion engines globally. With Geely and Renault, we plan to leverage our collective expertise and resources to support ground-breaking advances in both engine and fuel technologies. With a strong emphasis on innovation, our goal is to provide solutions that can reduce transport emissions while meeting the needs of both vehicle manufacturers and motorists. In securing long-term partnership between Valvoline and HORSE Powertrain Limited, Renault Group, and Geely in connection with this investment, we are also demonstrating Aramco’s ability to both create and capture value at the global level.”

Daniel Li, Geely Holding CEO, comments: “To achieve net zero emissions will require global synergies, multi-faceted technological solutions, and the sharing of expertise. With Aramco’s support and expertise in fuel technologies, HORSE Powertrain Limited further cements its role as a leader in pioneering low-carbon and carbon-free fuel technology solutions such as methanol and hydrogen.”

HORSE Powertrain Limited's business is focused on China, Europe, and Latin America.