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Siemens Licenses Gas Turbine Technology to Power Machines

Posted on: Wednesday, 25 June 2008, 12:03 CDT

Russian power plant supplier Power Machines has signed an agreement with power engineering major Siemens Energy for the licensing of Siemens's advanced gas turbine technology, as part of broader plan to expand co-operation.

Under the terms of the licensing agreement, Power Machines will acquire from Siemens the technology, production, marketing and service rights for the 285MW SGT5-4000F gas turbines.

At the same time Siemens signed a shareholder's agreement with Alexey Mordashov, the principal stakeholder in Power Machines, covering the modalities of the co-operation for further development and modernization of Power Machines.

Power Machines will produce SGT5-4000F gas turbines and market them for power plant projects in Russia, Belarus and other CIS countries, the Baltic states and India. Production of the components for the first gas turbine of this type is scheduled to begin in 2009, in Russia. Power Machines will handle machine assembly.

Peter Loscher, CEO of Siemens, said: "Since Alexey Mordashov, the new principal shareholder, came on board, the dynamics of co-operation with Power Machines have significantly increased. Together with our partner Power Machines we have already secured orders in Russia for a large number of power plant projects."

Source: Datamonitor

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