The Saudi energy giant executed the transaction through its wholly owned subsidiary, Aramco Asia Singapore. Credit: rarrarorro/Shutterstock.

Saudi energy giant Aramco has concluded the acquisition of a 10% equity stake in Horse Powertrain, a Renault-Geely JV powertrain company.

Aramco noted that the deal builds on efforts to develop “new mobility solutions,” which have the potential to reduce transport emissions.

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The Saudi energy giant executed the transaction through its wholly owned subsidiary, Aramco Asia Singapore.

The deal, valued at an enterprise level of €7.4bn ($7.8bn) for Horse Powertrain, was finalised following the signing of definitive agreements on 28 June 2024 and the receipt of all necessary regulatory approvals.

Both Renault group and Geely, through Geely Holding and Geely Auto, maintain a 45% stake each in Horse Powertrain.

The partnership is expected to support Horse Powertrain in its goal of becoming a “Tier 1” powertrain supplier.

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The collaboration aligns with Aramco’s broader R&D strategy, focusing on the development of new technologies to minimise the environmental impact of transportation.

Aramco executive vice president of technology & innovation Ahmad O. Al Khowaiter said: “Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, broad disparities in transport infrastructures, and the specific needs of motorists in different countries.

“At Aramco, we are pursuing a number of potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference.”

Valvoline Global Operations chief executive officer Jamal Muashsher said: “As a technical partner and supplier to Horse Powertrain, we look forward to applying Valvoline Global’s 150-plus years of automotive expertise and tradition of innovation to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants.

“Our newest joint effort with Horse Powertrain and Aramco builds on Valvoline Global’s strong history in original equipment manufacturer partnerships. Through collaboration, we are helping to shape the next generation of mobility.”