Saudi Aramco Acquires 10 Percent Equity Interest In Geely-Renault Joint Venture Company
Date
6/29/2024 10:11:22 PM
(MENAFN- Nam News Network)
RIYADH, Jun 30 (NNN-SPA) – Saudi Arabian Oil Company, commonly known as Saudi Aramco, signed definitive agreements, to acquire a 10 percent equity interest in HORSE Powertrain Limited, a global powertrain company, formed by Renault Group and Chinese automaker, Geely Group.
According to a statement by Aramco, after the acquisition, Renault and Geely will each retain a 45-percent equity stake, and the price to be paid by Aramco at closing, which is subject to customary closing conditions, including the receipt of regulatory approvals, will be based on an enterprise valuation of 7.4 billion euros (7.93 billion U.S. dollars).
The investment aims to enhance Aramco's contribution to the global energy transition, through the development and commercialisation of more efficient mobility solutions.
“Aramco's investment is expected to directly contribute to the development and deployment of affordable, efficient, and lower-carbon emission internal-combustion engines globally,” said Ahmad O. Al-Khowaiter, Aramco's executive vice president of technology and innovation.
“With Geely and Renault, we plan to leverage our collective expertise and resources to support ground-breaking advances in both engine and fuel technologies,” he added.
Meanwhile, HORSE Powertrain Limited said in a press release on its website that, the investment by Aramco will support its growth and contribute to the development of competitive powertrains and synthetic fuel solutions.
It noted that, the company is expected to produce five million powertrain units annually, encompassing a complete portfolio of advanced powertrain technologies for partners around the world.– NNN-SPA
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