North West | Technology & innovation | Industry, manufacturing
St. Petersburg automation solutions developer launches energy-focused R&D
28 Jun '13
Rakurs-Engineering, a Russian developer of industrial automation solutions for hydropower projects, has opened its R&D center on the Neudorf site of St. Petersburg’s special economic zone (SEZ), Russian news agency ITAR-TASS reports.
The investor is reported to have injected about $12.7m into the effort. It is a scalable project with the possibility to more than double production capacity as the operation unfolds.
Rakurs-Engineering will focus on R&D and production of automated control systems for energy projects. According to Oleg Savelyev, the Deputy Minister of Economic Development of Russia, “the effort aims to substitute related imports and help modernize industrial infrastructure, thus boosting Russia’s economic competitiveness.”
The project’s payback period is about five years. The investor hopes to complete production localization next year, and estimates that by that time its R&D center will be selling more than $30m worth of products and services.