Aurobay Holding, as of 31st of May 2024, belongs to HORSE Powertrain Ltd. The content of this page is being updated to reflect all parts of Aurobay Holding.

News 2024-06-28

Aramco acquires 10% interest in Aurobay’s parent company HORSE Powertrain Limited

Aramco has taken a 10% stake in HORSE Powertrain Limited, following its creation on 31 May. Renault Group and Geely each retain a 45% share.

HORSE Powertrain, which includes Aurobay, is a new global leader in powertrain solutions, with 19,000 employees on three continents, 17 global plants and 5 R&D centers.

Aramco’s investment will support HORSE Powertrain’s growth and contribute to the development of competitive powertrains and synthetic fuel solutions. The agreements also include collaboration arrangements for Aramco and its subsidiary Valvoline on technologies, fuels, and lubricants.

For the automotive industry to meet its net zero goals, a combination of various technologies will be required. This investment will bring together expertise in the development of next-generation engines and fuels to support the journey to net zero that will involve efficient ICE, transmissions, and hybrid powertrains - powered by alternative fuels such as lower-carbon synthetic fuels and hydrogen.

Michael Fleiss, CEO Aurobay Sweden, said: “This investment is great news for Aurobay and HORSE Powertrain. We share an interest in innovation and low-emission combustion. With ICE and hybrid vehicles still expected to account for over 50% of the vehicle fleet by 2040, we all recognize that innovative technologies are needed to minimize the lifecycle footprint of ICE and hybrid passenger vehicles.”

Matias Giannini, CEO of HORSE Powertrain Limited, said: “I am delighted that Aramco has joined HORSE Powertrain Limited. Their expertise in synthetic fuels and hydrogen makes them a great partner for us to deliver cutting-edge, low-emission powertrain solutions, driving our industry’s decarbonisation forward. Together, we will set new benchmarks for innovation in the automotive sector.”

Read the press release here.