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Aramco completes acquisition of 10% stake in Horse Powertrain Limited

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Following the signing of definitive agreements on June 28, 2024, Aramco has completed its acquisition of a 10% equity stake in Horse Powertrain Limited (“Horse Powertrain”), based on an enterprise value of €7.4 billionRenault Group and Geely (through Geely Holding and Geely Auto) each retain a 45% equity stake in Horse PowertrainThe investment solidifies a key strategic partnership between Horse Powertrain and Aramco, leveraging their collective expertise and resources to pursue advances in powertrain technologies, synthetic fuels, and lubricants The partnership builds on Aramco’s research and development (R&D) efforts in lower-carbon mobility solutions, aims to contribute to transport emission reductions, and helps to pursue Horse Powertrain’s vision of becoming a consolidated powertrain Tier 1 supplier to accelerate the energy transition

DHAHRAN, Saudi Arabia, Dec. 2, 2024 /CNW/ — Aramco, one of the world’s leading integrated energy and chemicals companies, through a directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd., has completed the purchase of a 10% equity stake in Horse Powertrain, a global leader in hybrid and internal combustion powertrain solutions. The transaction builds on Aramco’s efforts to develop new mobility solutions with the potential to reduce transport emissions.

The transaction’s completion follows the signing of definitive agreements on June 28, 2024, and receipt of all applicable regulatory approvals. Aramco’s investment is based on a €7.4 billion enterprise valuation of Horse Powertrain, in which Renault Group and Geely (through Geely Holding and Geely Auto) each retain a 45% stake.

Ahmad O. Al Khowaiter, Aramco Executive Vice President of Technology & Innovation, said: “Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, broad disparities in transport infrastructures, and the specific needs of motorists in different countries. At Aramco, we are pursuing a number of potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference. Our investment in Horse Powertrain builds on our considerable R&D in this field. In joining forces with two of the world’s leading carmakers, we aim to leverage our collective knowhow to take lower-emission mobility solutions forward.” 

Matias Giannini, Chief Executive Officer of Horse Powertrain, said: “We are delighted that Aramco has closed its investment in Horse Powertrain. Aramco’s expertise in alternative and synthetic fuels makes Aramco the ideal partner for us to deliver lower-emission powertrain solutions. By strengthening our technology leadership with this partnership, Horse Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint.”

Jamal Muashsher, Chief Executive Officer of Valvoline Global Operations, said: “As a technical partner and supplier to Horse Powertrain, we look forward to applying Valvoline Global’s 150-plus years of automotive expertise and tradition of innovation to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants. Our newest joint effort with Horse Powertrain and Aramco builds on Valvoline Global’s strong history in original equipment manufacturer partnerships. Through collaboration, we are helping to shape the next generation of mobility.”

Aramco’s investment is expected to accelerate Horse Powertrain’s efforts to develop next–generation ICE and hybrid powertrains, along with complementary technologies like alternative fuel and hydrogen solutions. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants. Thanks to its technology leadership, global manufacturing and economies of scale, Horse Powertrain will further solidify its value proposition to automotive and transportation groups worldwide. Horse Powertrain aims to become a peerless partner for accessible cutting-edge hybrid and ICE powertrain solutions, helping to reduce global vehicle emissions.

The Board of Directors of Horse Powertrain is now composed of seven members:

Three directors from Geely: Daniel Donghui Li (Vice Chairman of Geely Auto and CEO, Geely Holding) will become Chairman of the Board, Jerry Gan (CEO, Geely Auto Group) and Andy An (President, Geely Holding and Chairman, Geely Auto Group)Three directors from Renault Group: François Provost (Chief Procurement, Partnerships, and Public Affairs Officer at Renault Group), Thierry Charvet (Chief Industry and Quality Officer at Renault Group), and Denis Le Vot (CEO, Dacia and Chief Supply Chain Officer at Renault Group)One director from Aramco: Ali A. Al Meshari (Aramco Senior Vice President of Technology Oversight & Coordination)

Horse Powertrain factsheet:

17 global plants10 industrial customers in 130 countries, including vehicle manufacturersFive R&D centersc. 19,000 employeesStrategic footprint focused on China, Europe, and Latin AmericaExpected c. 5 million powertrain units per yearAll types of powertrain solutions covered – full hybrids, long-range plug-in hybrids, and internal combustion engines that use alternative fuels such as ethanol, methanol, LPG, CNG, hydrogen, etc.

About Horse Powertrain

Horse Powertrain is a global leader in hybrid and combustion powertrain solutions. It consists of two divisions, Aurobay and HORSE. Headquartered in London, UK, the company employs 19,000 people globally across 17 plants and five R&D centers. Horse Powertrain was officially created on May 31, 2024. www.horse-powertrain.com

About Aramco

As one of the world’s leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world. www.aramco.com 

About Renault Group

Renault Group is at the forefront of a mobility that is reinventing itself. Strengthened by its alliance with Nissan and Mitsubishi Motors and its unique expertise in electrification, Renault Group is comprised of four complementary brands – Renault, Dacia, Alpine and Mobilize – offering sustainable and innovative mobility solutions to its customers. Established in more than 130 countries, the Group has sold 2.235 million vehicles in 2023. It employs more than 105,000 people who embody its purpose every day, so that mobility brings people closer.

Ready to pursue challenges both on the road and in competition, Renault Group is committed to an ambitious transformation that will generate value. This is centered on the development of new technologies and services and a new range of even more competitive, balanced, and electrified vehicles. In line with environmental challenges, the Group’s ambition is to achieve carbon neutrality in Europe by 2040. www.renaultgroup.com

About Zhejiang Geely Holding Group

Zhejiang Geely Holding Group (Geely Holding) is a global automotive group that owns several well-known international automotive brands, with operations spanning the automotive value chain, from research, development, and design to production, sales, and servicing. Founded in 1986 by Eric Li, the company’s Chairman, in the city of Taizhou in China’s Zhejiang province, Geely Holding launched its automotive business in 1997 and is now headquartered in Hangzhou, China. Today, Geely Holding operates a number of brands, including Geely Auto, Lynk & Co, ZEEKR, Geometry, Volvo Cars, Polestar, Lotus, London Electric Vehicle Company, Farizon Auto, and Cao Cao Mobility. Geely Holding sold close to 2.8 million vehicles in 2023, with Volvo Cars sales reaching 708,716 units globally and Geely Auto Group’s Hong Kong listed entity reporting sales reaching 1,686,516 units. Geely Holding employs over 130,000 people globally and has been listed in the Fortune Global 500 for the past 10 years. For more information regarding Zhejiang Geely Holding Group, please refer to the official website at www.zgh.com.

About Geely Automobile Holdings Limited

Geely Automobile Holdings Limited (the “Geely Auto” and its subsidiaries, collectively the “Geely Auto Group”) (SEHK stock code: 175) is an automobile manufacturer that focuses on the development, manufacturing, and sales of passenger vehicles. The Geely Auto Group sells most of its products in the Chinese market and has also expanded its sales through export to other countries over the past few years. The Geely Auto Group has production bases in various parts of mainland China and has more than 60,000 employees. Geely Auto is listed on the main board of the Stock Exchange of Hong Kong Limited (“SEHK”) and has been a constituent of the Hang Seng Index since 2017. The controlling shareholder of Geely Auto is Zhejiang Geely Holding.

Disclaimer

The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “can have,” “likely,” “should,” “could,” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco’s ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco’s growth; the management of the Company’s subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco’s exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Saudi Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements.

ARAMCO MEDIA RELATIONS @aramco

 

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AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

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Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it!  AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

 

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Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

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Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen: 

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

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Pillsbury Notice of Data Breach

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NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html

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