Aramco Forges Ahead with Unconventional Engine Development Investment

Saudi Aramco has signed a letter of intent to acquire a potential minority stake in a new engine company to be formed by Geely Holding Group and Renault.

According to the Saudi Press Agency, Aramco has signed a letter of intent to discuss the possibility of minority shareholders joining a new transmission technology company (PWT) to be established by the group (Geely Holding) or (Geely Auto HK.0175). ), known as the (Geely) and (Renault) group. The new company’s business will focus on powertrain technologies for internal combustion and hybrid engines.

Aramco’s investment is expected to support the company’s growth, drive research and development in industrial fuel solutions and next-generation hydrogen technologies Geely and Renault Group are expected to maintain a joint and equal stake in the new independent venture.

Through a global network of 17 transmission factories and five R&D centers across 3 continents, the new company aims to serve as an independent global supplier to over 130 countries and regions with an annual production capacity of over five million internal combustion engines. , hybrid engines and compact hybrid engines. , and transmissions.

Saudi Aramco’s intention to invest represents recognition by global industry leaders of the future prospects of PWT’s business and its vision for leadership in low-carbon fuels such as methanol and hydrogen.

Source: SPA