February 9, 2021

Novomet Celebrates 30 Years, Targets New Technologies

On February 5, 2021, Novomet celebrated its thirtieth anniversary. The company meets this milestone in good shape with recent increases in export potential to meet the growing global demand for its innovative technologies. Novomet will soon open its own cable production facility and is actively developing offerings to help drive efficient, responsible energy production.

The company was founded in 1991 as a manufacturer of pump stages for use in oil production pumps. Through a differentiating powder metallurgy manufacturing process, Novomet developed and supplied pump stages that consistently outperformed those offered by its competitors. The company leveraged its superior technological advantages to expand its offerings to pumps, motors, and other systems used to improve oil production.

Today, Novomet is a large oilfield services holding with service bases around the world. Its growth can be directly linked to its commitment to technological advancement. In recent years the company has led its Russian competitors in both product volume and exports.

A strong engineering backbone and cutting-edge test facilities in Perm and Moscow enable Novomet to compete with world market giants. For more than a decade, innovative products have represented more than 25% of total products sold and have enabled Novomet to enter highly competitive international markets. The company is well positioned to transform itself to meet the changing needs of energy production. It will focus on technological developments in new areas and continue to drive toward ever-greater efficiencies.

In a statement, Novomet CEO Maxim Perelman said, “Over half of our company revenues now come from foreign markets, and our percentage of exports continues to grow. Novomet is recognized as a leading innovator in the oil industry and we are not going to stop here. We have made it a goal to diversify the business by going in some completely new directions. In five years, we expect one-third of sales to come from new areas such as wind and geothermal energy. By way of example, our Geyser geothermal pumps have proven their efficiency and are now in high demand in European countries.”

He explained that, “We have a new downhole power cable production facility scheduled to open later this year. It will meet our current cable needs and enable us to enter the high-temperature power cable market. We are currently developing multiple cable types, including cable needed in green energy applications.”

Evgenii Poshvin, VP Russia and CIS, stated that, “The world is entering a global energy transition to renewable sources. There is a rapid turn towards green energy, decarbonization, and reductions in global consumption of hydrocarbons. Novomet has a pool of highly efficient technologies that will help us maintain and strengthen our leadership position in the global market.”

In talking about the future, he continued, “The ability to change rapidly and adapt to the needs of global markets is a trait that every company should have in the coming decade. We are constantly innovating to improve our technologies, our processes, and our quality while increasing efficiencies at our main site in Perm and in all remote locations.”

Three decades of Novomet have included ups and downs, periods of economic instability, and multiple crises. During that time, the company has updated its manufacturing capacity, implemented new technologies, and opened service bases to meet demand. Today it is developing new technologies related to green energy. Through all the change over the last thirty years, one thing remains the same. That is the drive to work hard, to move forward, and to be at the forefront of progress.

Happy anniversary, Novomet!