28.05.2008

PSI: Joint-venture for the Russian energy market

Berlin, Moscow, 28 May 2008 – PSI AG in Berlin and ru-Net Limited, a Russia focused Internet and IT investment management company with representative office based in Moscow, have signed a letter of intent concerning the establishment of the OOO PSI Energo joint-venture based in Moscow. PSI Energo will concentrate on control system solutions for the transport and distribution of electrical energy as well as on combined energies control systems.

Over the next few weeks, a trained team of twenty engineers are to join the joint-venture. PSI Energo plans to increase the number of engineers to handle expected orders from the UES energy corporation and others. PSI will hold a share of 24.9% in the joint-venture thereby giving it direct involvement in end consumer business.

PSI AG develops and integrates individual solutions, on the basis of its own software, for the management of energy networks (electricity, gas, oil, water, heat), cross-company production management (steel, mechanical engineering, automotive, logistics) and infrastructure management for telecommunications, transport and safety. PSI was founded in 1969 and currently employs more than 1,000 persons in the group.