The Element group has postponed the launch of its Kubik power electronics project to 2029. Following an audit, Sberbank, which holds a 49.8% stake in the company, mandated a complete restructuring of the project and a revision of its implementation timeline.
The project will be split into two locations: silicon transistor production will be based in Novosibirsk at the NZPP Vostok facility, while silicon carbide production is planned for Alabushevo. The project previously aimed for a 2026 launch.
Financial data indicates that 26.5 ₽ billion in private funds has been invested in the project. In May 2026, Element spent 5.6 ₽ billion on foreign equipment. In 2025, the company acquired production space valued at 2.4 ₽ billion.
Element reported a net loss of 2.3 ₽ billion for 2025, compared to a profit of 8.3 ₽ billion in the previous year, with revenue falling 12% to 38.6 ₽ billion. The company is now part of a broader consolidation effort involving a planned investment of 1.1 ₽ trillion by 2030.
