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Partnership

Power Machines x Siemens (Gas Turbine JV)

Power Machines and Siemens AG formed a joint venture, Siemens Gas Turbine Technologies LLC, to develop, manufacture, and service large gas turbines in Russia. Power Machines held 35% and Siemens 65%. Following U.S. sanctions on Power Machines in 2018, Power Machines sold its 35% stake back to Siemens by 2020, and Siemens exited Russia entirely in 2022.

joint venture · Dissolved · operating

Track Power Machines x Siemens (Gas Turbine JV)

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cdbd9f0b-7df9-467c-b31a-2774f5a8c87d
Type
joint venture
Status
Dissolvedoperating
Announced
2010-07-01
16.2 years ago
Start
2010-07-01
16.2 years ago
Active for
16.2 years

Who’s involved

Power Machinesco developer

OJSC Power Machines (Siloviye Mashiny) is a Russian energy-systems machine-building company headquartered in Saint Petersburg, founded in 2000. It manufactures steam and gas turbines, turbogenerators, and other power-plant equipment for nuclear and thermal stations, supplying over 57 countries. The company was sanctioned by the U.S. Treasury (OFAC) in 2018 for its role in transferring Siemens gas turbines to [Crimea](https://en.wikipedia.org/wiki/Crimea) in violation of Ukraine-related sanctions, and has since pivoted to domestically produced high-power gas turbines to replace imported equipment cut off by sanctions.

HQSaint Petersburg, Russiapowermachinesllc.ae1 partnerships

Off-registry parties

  • Siemens AG · co developer

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Sources (1)

  1. https://www.reuters.com/article/business/energy/russias-sanctions-hit-power-machines-to-sell-its-stake-in-jv-with-siemens-idUSL8N2AV5ZS/

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