In Pursuit of New Businesses

Rosatom has set a goal of increasing the share of new products to 30% of total revenue by 2030. New business prospects for the Russian nuclear corporation were discussed at the Rosatom New Products forum.

In late November, Rosatom organized a forum devoted to its new products and businesses. “New products are what we use to expand our footprint in the Russian Federation and on international markets and acquire new capabilities. Five years have passed since Rosatom began looking into new business areas and opportunities. Three years ago new products were named one of Rosatom’s three priorities of business development. We have achieved impressive results by now, but will continue to capitalize on the existing achievements and acquire new competencies in our key markets,” said Oleg Barabanov, Director for Development and Restructuring at Rosatom.

Kirill Komarov, Rosatom’s Deputy CEO for Corporate Development and International Business, told the audience about the prospects of new business development. He said that Rosatom had set a goal of increasing the share of new products to 30% of total revenue by 2030. “We are progressing well towards this goal, but still need to improve our performance in new business areas. It is true that our plans for the future are ambitious as we want to grow 14% on the annual average. But I personally think that this target is achievable,” he concluded.

Other high-profile speakers at the Forum with reports on composite materials, digital economy and energy storage systems were senior experts from Umatex Group, Strategic Development Center Foundation and TVEL Fuel Company.

Unique competencies

Rosatom is a state-run high-tech company that has often been praised by the national government for its achievements. Today, the company is an undisputed leader in global nuclear construction. Alongside construction, Rosatom companies have competencies in non-nuclear and non-energy areas. Their versatile product portfolio comprises nuclear medicine solutions and radiation uses in agriculture, sterilization of surgical instruments, water treatment and desalination, as well as additive manufacturing, green energy technologies, IT, petrochemical equipment and services, security systems, composite materials, small-sized hydro plants, and many more.

Rosatom’s another product, which is worth special attention, is nuclear science and technology centers built around research reactors. Such centers now attract particular interest from emerging nuclear countries. They will be built in Bolivia, Zambia and Vietnam.

Over many years of Russia’s nuclear industry development, its companies have acquired great expertise enabling them to come up with their own products for key national industries, be it power generation, petrochemistry, metallurgy or defense. This is best exemplified by AtomEnergoMash (AEM), Rosatom’s mechanical engineering division. Not long ago, AEM’s Hungarian subsidiary Ganz EEM signed its first contract for the supply of small containerized hydropower plants to Georgia. Each HPP consists of a turbine and a set of auxiliary equipment mounted inside a container. Small HPPs boast low generation costs, delivery short time, fast and easy installation. They can serve either as independent sources of power or an alternative to cost-inefficient and non-eco-friendly generators.

AEM also offers proprietary water treatment and desalination solutions for industrial, agricultural and public purposes.

Nuclear medicine is a stand-alone business area for Rosatom. Companies of the Russian nuclear group manufacture a range of medical equipment and isotopes. Not long ago, Rosatom set up the production of molybdenum-99, an isotope that is widely used in cancer treatment. Russian-made medical isotopes are now supplied to other countries. Rosatom has also established a new division – Rusatom Healthcare – to foster the development of nuclear medicine. It is also set to promote radiation technology systems designed for irradiation and sterilization centers.

These are only a few examples of how Rosatom develops its new businesses and products. Another direction Rosatom is heading for is the wind power market. Last year, the company won a contract for the construction of three wind parks in Southern Russia, with investments totaling 1 billion Euros.