The power plant was built together with the operational building of the adjacent sugar factory in 1924 on the eastern edge of the Dynamit Nobel factory site in Bratislava. It was the last of the four company power plants of the Dynamit Nobel factory. The first two operated until the 1920s and served the needs of the factory exclusively. The third one was built in 1917 and serves as a municipal thermal power plant today (Tepláreň II). The sugar factory operated only until 1928 because it was unable to compete with the Sládkovičovo and Sereď sugar factories. During the Second World War, the German concern I. G. Farben set up a viscose fibre factory called Vistra in the sugar factory and the plant was rebuilt. It was last used as a municipal power plant.
After the war in 1945 and the nationalisation of the factory, a new Peace Factory (Závod mieru) was founded based on the designs of the Baťa architect Vladimír Karfík. Shortly after the onset of the communist regime, in 1951, the individual production facilities were merged into the Juraj Dimitrov Chemical Works (Chemické závody Juraja Dimitrova) – the name was chosen in honour of the Bulgarian communist leader. The facility ceased operating in 1978. After the Velvet Revolution in 1989, it changed the name to Istrochem and the remnant of chemical production was incorporated into the Duslo Šaľa company. After its incorporation into the West Slovak Power Engineering (Západoslovenská energetika), the plant was denoted as the Thermal Power Plant III (Tepláreň III). Just before the year 2000, it had two chimneys and a coal supply ramp. The car dealer Subaru Mikona Bratislava set up its headquarters in the abandoned premises of the former hydro power plant.
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