{"id":85073,"date":"2024-07-01T00:00:00","date_gmt":"2024-07-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/07\/01\/aramco-is-close-to-accquiring-10-of-hybrid-engine-manufacturer-horse-powertrain\/"},"modified":"2024-07-01T00:00:00","modified_gmt":"2024-07-01T00:00:00","slug":"aramco-is-close-to-accquiring-10-of-hybrid-engine-manufacturer-horse-powertrain","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/07\/01\/aramco-is-close-to-accquiring-10-of-hybrid-engine-manufacturer-horse-powertrain\/","title":{"rendered":"Aramco is close to accquiring 10% of hybrid engine manufacturer Horse Powertrain"},"content":{"rendered":"

Oil giant Aramco has signed definitive agreements to acquire a 10% stake in Horse <\/strong>Powertrain<\/strong> \u2014 a joint venture between French carmaker Renault and China\u2019s automaker Geely, according to a joint statement (here<\/a> and here<\/a>).<\/p>\n

What\u2019s Horse Powertrain? <\/strong>Formally founded in May of this year, the London-based JV was set up to manufacture next-generation powertrain solutions, including internal combustion engines that use alternative fuels such as ethanol, methanol, and hydrogen, as well as full hybrids and long-range plug-in hybrids, according to its website<\/a>. It currently operates 17 global plants, 5 R&D centers with nine industrial customers in 130 countries, according to the release. It expects to produce some 5 mn powertrain units annually. <\/p>\n

What we know: <\/strong>The transaction assigns Horse an enterprise value of EUR 7.4 bn and would see Renault and Geely each retain a 45% stake. Aramco had initially sought a 20% stake in the powertrain technology venture under a preliminary agreement with Renault and Geely last year, according to an earlier statement<\/a>.<\/p>\n

The rationale:<\/strong> The investment would allow Aramco to expand its venture into global energy transition through the \u201cdevelopment and commercialization of more efficient mobility solutions.\u201d It will also see it working together with US-based oil refinery Valvoline to develop technologies, fuels, and lubricants that could improve the performance of Horse Powertarin\u2019s internal combustion engines.<\/p>\n

What they said: <\/strong>\u201cAramco\u2019s 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,\u201d Aramco Executive Vice President of Technology & Innovation Ahmad Khowaiter said.<\/p>\n

Reinventing the engine? <\/strong>Renault Group CEO Luca de Meo described the acquisition as one that created a \u201cdream team born to reinvent the future of ICE and hybrid technologies.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction would see Renault and Geely each retain a 45% stake in the joint venture<\/p>\n","protected":false},"author":1,"featured_media":85074,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[11,64,79,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseclimate","tag-evs","tag-ma-watch","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"6e217c95-b260-4944-b55f-c51d2f4e7232","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1838.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco is close to accquiring 10% of hybrid engine manufacturer Horse Powertrain","related_issue":[85061],"teaser":"The transaction would see Renault and Geely each retain a 45% stake in the joint venture","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.c3c48dd9-35c5-40c7-97c7-14cd02e990c9.mp3"},"yoast_head":"\nAramco is close to accquiring 10% of hybrid engine manufacturer Horse Powertrain - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2024\/07\/01\/aramco-is-close-to-accquiring-10-of-hybrid-engine-manufacturer-horse-powertrain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aramco is close to accquiring 10% of hybrid engine manufacturer Horse Powertrain\" \/>\n<meta property=\"og:description\" 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