{{Short description|Russian company}} {{Infobox company | name = OJSC Power Machines | logo = Power Machines logo.gif | logo_size = | type = Open Joint Stock Company | founded = 2000 | founder = | hq_location_city = St. Petersburg | hq_location_country = Russia | hq_location = | num_locations = | area_served = | key_people = Alexey Podkolzin (General Director)<ref>{{cite web |url=https://www.powerprogress.com/news/power-machines-names-new-general-director/8011723.article |title=Power Machines names new general director | website=Power Progress |date=20 April 2021 |author=Jack Burke }}</ref> | industry = Metal and power engineering, machinery | products = Steam gas turbines, turbogenerators, other machinery | services = | revenue = {{wikidata revenue|revenue|num}}{{wikidata revenue|revenue|ref}} | revenue_year = {{wikidata revenue|revenue|year}} | operating_income = {{wikidata revenue|operating_income|num}}{{wikidata revenue|operating_income|ref}} | income_year = {{wikidata revenue|operating_income|year}} | net_income = {{wikidata revenue|net_income|num}}{{wikidata revenue|net_income|ref}} | net_income_year = {{wikidata revenue|net_income|year}} | assets = {{wikidata revenue|assets|num}}{{wikidata revenue|assets|ref}} | assets_year = {{wikidata revenue|assets|year}} | equity = {{wikidata revenue|equity|num}}{{wikidata revenue|equity|ref}} | equity_year = {{wikidata revenue|equity|year}} | owner = Alexei Mordashov | num_employees = 8,000<ref>[https://career.power-m.ru/en/company/activities-and-events/power-machines-created-an-employee-medical-support-fund/ Power Machines Created an Employee Medical Support Fund]</ref> | parent = | divisions = | subsidiaries = | slogan = | website = [http://www.power-m.ru www.power-m.ru] | footnotes = | intl = }} thumb|Power Machines plant building on Sverdlovskaya embankment in Saint Petersburg '''OJSC Power Machines''' (translit. '''Siloviye Mashiny''' abbreviated as '''Silmash''', {{langx|ru|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.<ref name=inf122>{{Cite web | title = Heavy Manufacturing of Power Plants | publisher = World Nuclear Association | url = http://www.world-nuclear.org/info/inf122_heavy_manufacturing_of_power_plants.html | date = November 2010 | accessdate = 2010-11-13 | url-status = live | archiveurl = https://web.archive.org/web/20101108062405/http://www.world-nuclear.org/info/inf122_heavy_manufacturing_of_power_plants.html | archivedate = 2010-11-08 }}</ref>
==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).<ref>{{Cite web |last=Rozhko |first=Elena |title=Leader of Russian power engineering does not rest on its laurels - Power Machines |url=https://www.manufacturing-journal.net/energy-industry/1964-leader-of-russian-power-engineering-does-not-rest-on-its-laurels |access-date=2024-07-11 |website=www.manufacturing-journal.net |language=en-gb}}</ref>
{{As of|2009|12|31}} 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).<ref name="Sysoyeva2012">{{cite news|url=https://www.bloomberg.com/news/articles/2012-02-20/siemens-sells-power-machines-blocking-stake-kommersant-reports|title=Siemens Sells Power Machines Blocking Stake, Kommersant Reports|last=Sysoyeva|first=Marina|date=2012-02-12|work=Bloomberg Business|accessdate=2016-01-14|url-status=live|archiveurl=https://web.archive.org/web/20160114213314/http://www.bloomberg.com/news/articles/2012-02-20/siemens-sells-power-machines-blocking-stake-kommersant-reports|archivedate=2016-01-14}}</ref> Power Machines was subsequently delisted from the MICEX-RTS stock exchange.<ref name="Interfax2012">{{cite news|url=http://www.interfax.com/newsinf.asp?id=353960|title=Mordashov's Highstat makes offer to Power Machines minority shareholders at 4.53 rubles/share (Part 3)|work=Interfax|date=2012-08-14|url-status=live|archiveurl=https://web.archive.org/web/20160304064914/http://www.interfax.com/newsinf.asp?id=353960|archivedate=2016-03-04}}</ref> 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.<ref name="Interfax2012"/> Following a complaint filed by the association, the Federal Financial Markets Service fined Highstat 250,000 rubles.<ref name="Dzyadko2013">{{cite web|url=http://api-russia.org/content/mordashov-demanded-minority-shareholders-power-machines-sell-their-shares|title=Mordashov demanded that minority shareholders of "Power Machines" sell their shares|date=2013-04-05|last=Dzyadko|first=Timofey|work=Association of Institutional Investors|accessdate=2016-01-14|url-status=live|archiveurl=https://web.archive.org/web/20160426021544/http://api-russia.org/content/mordashov-demanded-minority-shareholders-power-machines-sell-their-shares|archivedate=2016-04-26}}</ref>
In 2017, the company's CEO Roman Filippov was placed under temporary arrest on suspicions of divulging State secrets.<ref>{{Cite news |date=2017-07-14 |title=Russia detains CEO of turbine maker Power Machines - report |url=https://www.business-standard.com/article/reuters/russia-detains-ceo-of-turbine-maker-power-machines-report-117071400074_1.html |access-date=2024-10-26 |work=Business Standard |agency=Reuters}}</ref> Machine Powers was placed under US sanctions in 2018 for working to “support Russia’s attempted annexation of Crimea”,<ref>{{Cite web |last=Woodman |first=Spencer |last2=Weinber |first2=Neil |date=2023-11-14 |title=As sanctions loomed, accounting giant PwC scrambled to keep powerful Russians a step ahead |url=https://www.icij.org/investigations/cyprus-confidential/pwc-cyprus-russia-oligarchs-ukraine-sanctions/ |access-date=2024-10-08 |website=ICIJ |language=en-US}}</ref> leading to the loss of a $500-million contract in Vietnam,<ref>{{Cite news |date=2024-02-12 |title=Russian billionaire's Power Machines wins lawsuit against PetroVietnam |url=https://www.reuters.com/business/energy/russian-billionaires-power-machines-wins-lawsuit-against-petrovietnam-2024-02-12/ |access-date=2024-10-07 |work=Reuters}}</ref> a failed payment for a contract completed for Ukraine's DTEK,<ref>{{Cite news |date=2021-11-29 |title=Overview of the latest court practice on the Russian sanctions-related amendments - Is winter coming? |url=https://www.herbertsmithfreehills.com/notes/publicinternationallaw/2021-11/overview-of-the-latest-court-practice-on-the-russian-sanctions-related-amendments-is-winter-coming |access-date=2024-10-08 |work=Herbet Smith Freehills}}</ref> and the sale of its 35% stake in Siemens Gas Turbine Technologies LLC.<ref>{{Cite news |date=2020-03-02 |title=Russia's sanctions-hit Power Machines to sell its stake in JV with Siemens |url=https://www.reuters.com/article/business/energy/russias-sanctions-hit-power-machines-to-sell-its-stake-in-jv-with-siemens-idUSL8N2AV5ZS/ |access-date=2024-10-08 |work=Reuters}}</ref> In 2020, it was awarded the contract to build the 1.4 gigawatt Sirik power plant in Iran.<ref>{{Cite web |date=2020-11-02 |title=Russia awards contract to Power Machines for work at Iranian power plant |url=https://energycentral.com/news/russia-awards-contract-power-machines-work-iranian-power-plant |access-date=2024-10-08 |website=Energy Central |language=en |archive-date=2024-10-08 |archive-url=https://web.archive.org/web/20241008052445/https://energycentral.com/news/russia-awards-contract-power-machines-work-iranian-power-plant |url-status=dead }}</ref> 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.<ref>{{Cite web |date=2022-12-27 |title=Russia's Power Machines completes first high-power gas turbine to replace imported equipment |url=https://energy.economictimes.indiatimes.com/news/power/russias-power-machines-completes-first-high-power-gas-turbine-to-replace-imported-equipment/96538440 |access-date=2024-10-08 |website=ETEnergyworld.com |language=en}}</ref>
==Structure== * Leningradsky Metallichesky Zavod (1857 establishment), * Electrosila (1898 establishment), * Turbine Blades’ Plant (1964 establishment), * Kaluga Turbine Works (1964 establishment), * NPO CKTI named after I. I. Polzunov (1927 establishment), * Energomashexport (1966 establishment), * Power Machines – Reostat Plant (1960 establishment).
==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: * From Severstal-group - Alexey Mordashov, Alexey Yegorov, Vladimir Lukin * From Power Machines - Igor Kostin (General Director), Vadim Chechnev * From Universal Invest - Igor Voskresensky * From Siemens - Michael Zuss, Hans-Jurgen Vio<ref name=press010710>{{Cite press release | title = Annual General Meeting of Shareholders of Power Machines OJSC | publisher = Power Machines Company | url = http://english.power-m.ru/themes/english/materials-document.asp?folder=1435&matID=4736 | date = 2010-07-01 | accessdate = 2010-11-13 }}{{dead link|date=March 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
==References== {{Reflist}}
== External links == * {{in lang|en}} [http://english.power-m.ru/ Official website of Power Machines] * [https://sanctionssearch.ofac.treas.gov/Details.aspx?id=23563 OFAC sanction notice]
Category:Power Machines Category:Industrial machine manufacturers Category:Steam turbine manufacturers Category:Gas turbine manufacturers Category:Engineering companies of Russia Category:Water turbine manufacturers Category:Nuclear technology companies of Russia Category:Russian companies established in 2000 Category:Russian brands Category:Companies formerly listed on the Moscow Exchange Category:Manufacturing companies established in 2000