Saudi Aramco takes 10% in mobility player Horse Powertrain

DHAHRAN, December 2, 2024 – Saudi Aramco has acquired a 10% stake in Horse Powertrain in a move to accelerate the development of green and sustainable mobility, the company announced on Sunday.

Aramco said the investment is expected to accelerate Horse Powertrain’s efforts to develop next-generation internal combustion engines and hybrid powertrains, along with complementary technologies such as alternative fuel and hydrogen solutions.

The Madrid-headquartered company is co-owned by Renault Group and Geely, which will each retain a 45% stake following the deal.

Horse Powertrain designs and manufactures powertrain solutions – motor vehicle mechanisms that transmit the drive from the engine to the axle.

The company has 17 plants worldwide and five R&D centres and offers a range of hybrid and combustion-based, high-performing, low-emissions powertrain solutions.

The deal saw the company valued at USD. 7.8 billion.

“Aramco’s expertise in alternative and synthetic fuels makes Aramco the ideal partner for us to deliver lower-emission powertrain solutions,” Horse Powertrain CEO Matias Giannini said.

“By strengthening our technology leadership with this partnership, Horse Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint.”

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