Renault: Aramco signs a letter of intent to join the Renault-Geely thermal entity
Renault: Aramco signs a letter of intent to join the Renault-Geely thermal entity

Aramco to become a potentially minority stakeholder in Geely’s PWT

Aramco officially became a potential minority stakeholder in the new powertrain technology company (PWT). This technology company is to be established by Geely Holding Group, Geely Automobile Holdings Limited. Collectively it is referred to as Geely and Renault Group. This new company will be dedicated to hybrid and internal combustion powertrain technologies.

Renault: Aramco signs a letter of intent to join the Renault-Geely thermal  entity
Image credits- News Bulletin 247

Aramco’s investment would support the growth of the company and contribute to key research and development across synthetic fuel solutions and next-gen hydrogen technologies. It is expected that Geely and Renault Group will retain equal equity stakes in the new independent entity. With a global network of 17 powertrain plants and five R&D centers across three continents, the planned company is intended to be a standalone global supplier with a combined capacity of more than five million internal combustion, hybrid, and plug-in hybrid engines and transmissions per year, supplying more than 130 countries and regions.

CEO of Renault Grou, Luca De Meo said, “This partnership with Aramco will raise our joint Powertrain company together with Geely Group to the next level and give it a head start in the race towards ultra-low-emissions ICE powertrain technology. Aramco’s entry brings to the table unique know-how that will help develop breakthrough innovations in the fields of synthetic fuels and hydrogen.”

Transportation technologies

Furthermore, the CEO of Geely Holding Group said, “We welcome Aramco in joining us in the creation of a globally leading sustainable powertrain company. The proposed investment by Aramco represents recognition from global industry leaders in the Powertrain’s future business prospects and vision for pioneering low and carbon-free fuels such as methanol and hydrogen.”

Then Aramco Executive Vice President of Downstream said, “This letter of intent represents a new milestone in our ongoing commitment to transportation technologies, and presents a platform to support Aramco’s research and development in engine innovation. Our planned collaboration with Geely and Renault would support the development of powertrains across the automotive industry, and aligns with our broader efforts across our global operations.” With a global network of 17 powertrain plants and five R&D centers across three continents, the planned company is intended to be a standalone global supplier with a combined capacity of over five million internal combustions, hybrid, and plug-in hybrid engines and transmissions per year, supplying over 130 countries and regions. Aramco’s investment would support the growth of the company and contribute to fundamental research and development across synthetic fuel solutions and next-gen hydrogen technologies. It is expected that Geely and Renault Group will retain equal equity stakes in the new independent entity.

 

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