Power Machines

OJSC Power Machines
Company typeOpen Joint Stock Company
IndustryMetal and power engineering, machinery
Founded2000
Headquarters
St. Petersburg
,
Russia
Key people
Alexander Konyukhov (General Director)[1]
ProductsSteam gas turbines, turbogenerators, other machinery
Revenue$1.18 billion[2] (2017)
$−60.5 million[2] (2017)
$−167 million[2] (2017)
Total assets$3.45 billion[2] (2017)
Total equity$393 million[2] (2017)
OwnerAlexei Mordashov
Number of employees
8,000[3]
Websitewww.power-m.ru
Power Machines plant building on Sverdlovskaya embankment in Saint Petersburg

OJSC Power Machines (translit. Siloviye Mashiny abbreviated as Silmash, Russian: ОАО «Силовы́е маши́ны») is a Russian energy systems machine-building company founded in 2000. It is headquartered in Saint Petersburg.

Power Machines manufactures steam turbines with capacity up to 1,200 MWe, including turbines for nuclear power plants. Its portfolio consists of turbine generators for the Leningrad Nuclear Power Plant II and the Novovoronezh Nuclear Power Plant II. Also, Power Machines has supplied equipment to 57 countries other than Russia with significant market in Asia.[4]

History

Power Machines company was established in the year 2000. Today it is a joint venture combining technological, industrial and intellectual resources of six world-famous Russian enterprises: Leningradsky Metallichesky zavod (established in 1857), Electrosila (1898), Turbine Blades’ Plant (1964), Kaluga Turbine Works (1946), Reostat Plant (1960) and Energomachexport (1966).[5]

As of 31 December 2009 69.92% of shares were owned by Highstat Limited, a company controlled by Alexei Mordashov. 25% of shares were owned by Siemens and 5.08% by minor shareholders.

In December 2011 Highstat acquired Siemens's stake in Power Machines for less than US$280 million (3.6 rubles per share), below the market price (4.9 rubles per share).[6] Power Machines was subsequently delisted from the MICEX-RTS stock exchange.[7] In August 2012 Highstat made a mandatory offer of 4.53 rubles (US$0.139) per share to the remaining minority shareholders, which the Investor Protection Association said was significantly undervalued.[7] Following a complaint filed by the association, the Federal Financial Markets Service fined Highstat 250,000 rubles.[8]

In 2017, the company's CEO Roman Filippov was placed under temporary arrest on suspicions of divulging State secrets.[9] Machine Powers was placed under US sanctions in 2018 for working to “support Russia’s attempted annexation of Crimea”,[10] leading to the loss of a $500-million contract in Vietnam,[11] a failed payment for a contract completed for Ukraine's DTEK,[12] and the sale of its 35% stake in Siemens Gas Turbine Technologies LLC.[13] In 2020, it was awarded the contract to build the 1.4 gigawatt Sirik power plant in Iran.[14] In 2022, Power Machines assembled and tested its first domestically made high-power gas turbine, enabling Russia to replace imported equipment made unavailable since US sanctions.[15]

Structure

Products

  • GTE180 development, GTE170 production, GTE160, GT100, GTE-150, GTE-250 GTE-300 projects, GTE65, unit M94yu2 (Licensed V94.2 Siemens SGT5-2000E in 1994)
  • SGTT build licensed SGT5-2000E (GTE160 GTE180 TPE180), SGT5-4000F, SGT-600 (Baltika-25)
  • Silmash Gas and Steam Turbines K- and T- for Power Plants (Nuclear Thermal and Hydroelectric)

Management

The Board of Directors consists of eight members:

References

  1. ^ Jack Burke (20 April 2021). "Power Machines names new general director". Power Progress.
  2. ^ a b c d e "Финансовый отчет по МСФО за 12 месяцев 2017 года (доллары США) на английском языке" (PDF). Retrieved 28 October 2018.
  3. ^ Power Machines Created an Employee Medical Support Fund
  4. ^ "Heavy Manufacturing of Power Plants". World Nuclear Association. November 2010. Archived from the original on 2010-11-08. Retrieved 2010-11-13.
  5. ^ Rozhko, Elena. "Leader of Russian power engineering does not rest on its laurels - Power Machines". www.manufacturing-journal.net. Retrieved 2024-07-11.
  6. ^ Sysoyeva, Marina (2012-02-12). "Siemens Sells Power Machines Blocking Stake, Kommersant Reports". Bloomberg Business. Archived from the original on 2016-01-14. Retrieved 2016-01-14.
  7. ^ a b "Mordashov's Highstat makes offer to Power Machines minority shareholders at 4.53 rubles/share (Part 3)". Interfax. 2012-08-14. Archived from the original on 2016-03-04.
  8. ^ Dzyadko, Timofey (2013-04-05). "Mordashov demanded that minority shareholders of "Power Machines" sell their shares". Association of Institutional Investors. Archived from the original on 2016-04-26. Retrieved 2016-01-14.
  9. ^ "Russia detains CEO of turbine maker Power Machines - report". Business Standard. Reuters. 2017-07-14. Retrieved 2024-10-26.
  10. ^ Woodman, Spencer; Weinber, Neil (2023-11-14). "As sanctions loomed, accounting giant PwC scrambled to keep powerful Russians a step ahead". ICIJ. Retrieved 2024-10-08.
  11. ^ "Russian billionaire's Power Machines wins lawsuit against PetroVietnam". Reuters. 2024-02-12. Retrieved 2024-10-07.
  12. ^ "Overview of the latest court practice on the Russian sanctions-related amendments - Is winter coming?". Herbet Smith Freehills. 2021-11-29. Retrieved 2024-10-08.
  13. ^ "Russia's sanctions-hit Power Machines to sell its stake in JV with Siemens". Reuters. 2020-03-02. Retrieved 2024-10-08.
  14. ^ "Russia awards contract to Power Machines for work at Iranian power plant". Energy Central. 2020-11-02. Retrieved 2024-10-08.
  15. ^ "Russia's Power Machines completes first high-power gas turbine to replace imported equipment". ETEnergyworld.com. 2022-12-27. Retrieved 2024-10-08.
  16. ^ "Annual General Meeting of Shareholders of Power Machines OJSC" (Press release). Power Machines Company. 2010-07-01. Retrieved 2010-11-13.[permanent dead link‍]