Russian Technologies and Siemens AG to cooperate in rare-earth metals and production of power converters, Russian Technologies - ГК "Ростехнологии"

Release Date: 2011-04-06

April 6, 2011: Sergey Chemezov, General Director of Russian Technologies State Corporation, and Peter Löscher, President and CEO of Siemens AG, met in Stuttgart to sign agreements for cooperation in rare-earth metals and creating joint production of power converters.
The first agreement concerns joint research of using Russian rare-earth metals for products manufactured at Siemens and Russian Technologies. It envisages researching the reserves of suitablе metals in Russia, discussion of the prices for possible supplies of rare-earth metals and derivative products, with a special focus on environment. Joint research of these issues is expected to be finished in 6 months, to further resume the talks for possible further cooperation.

Siemens AG and Russian Technologies also discussed cooperation in hi-tech power grid equipment for long-term needs of the Russian customers, such as FSK, MRSK and power generation companies. A memorandum of agreement was signed to create joint production of power converters of 110-500 kV with predominant participation of Siemens.

Siemens AG and Russian Technologies also discussed the current progress on the frame agreement signed in December 2008, joint projects in wind energy and product lifecycle management using Siemens PLM software.

"Siemens is Russia's strategic partner thanks to its portfolio that matches Russia's current needs", - announced Peter Löscher, President and CEO of Siemens AG. - "We fully understand the tasks that Russian Technologies, our partner, is facing, and we have a vision of the activities where our companies can cooperate. We have joint projects in wind energy. As a supplier of cutting edge world technologies and know-how, Siemens will continue to contribute in the dynamic development of the Russian economy".

Sergey Chemezov, General Director of Russian Technologies, said that the cooperation of Russian Technologies and Siemens will be essential in helping the companies of Russian Technologies become leaders in production of hi-tech power grid equipment and equipment for generation of renewable energy in Russia in the nearest future.
Type: NORMAL
Company: Russian Technologies - ГК "Ростехнологии"
Country: Russian Federation
 
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