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Founded at Wallsend in 1894 by Charles Algernon Parsons to exploit the marine applications of his patent on the steam turbine. Parsons owned three-eighths of the company. This was separate from his company working on electrical generation applications of the turbine, C. A. Parsons and Co.
The Marine Steam Turbine Co built the famous turbine-powered vessel, Turbinia, which was sailed at speed through the Diamond Jubilee Royal Navy fleet review in June 1897 off Portsmouth, to demonstrate the great potential of the new technology. Today, Turbinia is housed in a purpose-built gallery at the Discovery Museum, Newcastle. See also Parsons Turbines: Early Examples
When the success of Turbinia had been established, a new and larger company was set up in Newcastle Upon Tyne, the Parsons Marine Steam Turbine Co, which bought the licence that Marine Steam Turbine Co held from Charles Parsons, the Turbinia, and all the tools and effects.