In a move that bolsters its global presence, Saudi Aramco has acquired a 10% stake in the Horse Powertrain project, a leader in the field of thermal engine technology. This acquisition aligns with Aramco’s efforts to branch out into renewable energy and advanced technology sectors.
The company secured its share in the Horse Powertrain project after completing a deal valued at 7.4 billion euros. Alongside groups such as Renault and Zhejiang, as well as Geely Automobile Holdings, Aramco will take part in managing the project.
This initiative is part of the company’s broader strategy to diversify its investments, expand its business horizons, and forge ahead towards innovation and technological advancement.
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With its focus on developing engine technology and intelligent energy management systems, the Horse Powertrain project represents a significant leap towards Aramco’s engagement in the future of clean and renewable energy.
Collaboration and Future Projects: Through this endeavor, Aramco aims to stay abreast of the latest developments and innovations in the global energy sector, providing efficient and high-quality mobility solutions. The partnership with other entities in the project will foster advancements in renewable energy and cutting-edge technologies to enhance internal combustion engines.
The collaborative effort will result in high-quality, efficient equipment that reduces carbon emissions from the automotive industry, marking a substantial shift towards energy transformation.
Aramco is fully committed to research and development to improve engines, reduce emissions, and create innovative, sustainable development solutions.
Economic Benefits: The acquisition is anticipated to yield significant economic benefits for the Saudi economy, including:
- Enhancing the Kingdom’s capabilities in technology and advanced tech.
- Enabling cost-effective manufacturing of efficient, low-emission engines.
- Contributing to sustainable development and environmental conservation by reducing carbon dioxide emissions and pioneering transformative engine technologies.
- Advancing innovative solutions and technologies, asserting Saudi Arabia’s leadership in this domain.
- Facilitating the exchange of expertise with other companies, thereby boosting efficiency and paving the way for the Kingdom’s future development and prosperity.
- Stimulating economic development with remarkable innovations and advancements.
- Strengthening the national economy and its role in leading projects worldwide.
- Supporting economic sectors with advanced equipment and technologies.
- Reducing reliance on the oil sector, focusing on modern innovations, renewable energy, and unprecedented development in the Kingdom.
- Educating Saudi youth about new innovations and their significant role in boosting the national economy.
- Fostering the Kingdom’s reputation regionally and globally, achieving success and progress.
- Supporting Vision 2030 for a better, innovative, and developed future.
- Creating new job opportunities across various sectors in the Kingdom.
- Facilitating knowledge and advanced technology transfer to the Saudi market.
Promoting Sustainability: Aramco’s investment in the Horse Powertrain project underscores its commitment to sustainability, innovation, and the pursuit of development and progress. By participating in the development of environmentally friendly technologies, the company aims to reduce carbon emissions and enhance efficiency in the renewable energy sector, aligning with global environmental goals and Saudi initiatives to protect the environment.
The acquisition signifies an important step toward a sustainable and technologically advanced future in the energy sector of Saudi Arabia. With this investment, Aramco boosts its competitiveness in the global market and supports the national economy, positioning itself as a global leader in innovation and sustainability.
