{"id":88381,"date":"2024-12-03T00:00:00","date_gmt":"2024-12-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/12\/03\/aramco-finalizes-acquiring-a-minority-stake-in-horse-powertrain\/"},"modified":"2024-12-03T00:00:00","modified_gmt":"2024-12-03T00:00:00","slug":"aramco-finalizes-acquiring-a-minority-stake-in-horse-powertrain","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/12\/03\/aramco-finalizes-acquiring-a-minority-stake-in-horse-powertrain\/","title":{"rendered":"Aramco finalizes acquiring a minority stake in Horse Powertrain"},"content":{"rendered":"

Aramco finalized its purchase of a 10% stake in London-based <\/strong>Horse<\/a><\/strong>Powertrain<\/a><\/strong> \u2014 a JV between French carmaker Renault and China\u2019s Geely \u2014 following the signing of definitive agreements<\/a> back in June, according to a joint press release<\/a>. Aramco had initially pursued a 20% stake in the powertrain technology venture under a preliminary agreement<\/a> with Renault and Geely last year.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The agreement values Horse Powertrain at EUR 7.4 bn, implying a transaction value of<\/strong> EUR 740 mn.<\/strong> The agreement will see Renault and Geely each retain a 45% stake. Aramco Senior Vice President of Technology Oversight & Coordination Ali Al Meshari (Linkedin<\/a>) will have a seat on the board, while the other owners will have three seats each.<\/p>\n

Where\u2019s the money going?<\/strong> \u201cAramco\u2019s investment is expected to accelerate Horse Powertrain\u2019s efforts to develop next\u2011generation ICE (internal combustion engine) and hybrid powertrains, along with complementary technologies like alternative fuel and hydrogen solutions. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants,\u201d according to the press release.<\/p>\n

About Horse Powertrain: <\/strong>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. It currently operates 17 global plants and five R&D centers with 10 industrial customers in 130 countries, according to the release. It expects to produce some 5 mn powertrain units annually.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction assigned Horse a EUR 7.4 bn enterprise value and would see Renault and Geely each retain a 45% stake.<\/p>\n","protected":false},"author":1,"featured_media":88382,"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":[234,11,64,79,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-aramco","tag-enterpriseclimate","tag-evs","tag-ma-watch","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"51b0c58c-e0bf-4655-aad9-acc4712d004d","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/240.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco finalizes acquiring a minority stake in Horse Powertrain","related_issue":[88371],"teaser":"The transaction assigned Horse a EUR 7.4 bn enterprise value and would see Renault and Geely each retain a 45% stake.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.702b23af-91f5-4848-87d0-178939f439e5.mp3"},"yoast_head":"\nAramco finalizes acquiring a minority stake in Horse Powertrain - 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