MANHASSET, NY -- Rusnano, the Russian Corporation of Nanotechnologies, has invested in Plastic Logic’s second volume manufacturing facility for the production of next-generation plastic electronic displays in Russia.
Financial details of its investment in Plastic Logic have not been disclosed.
Rusnano wants to grow the Russian nanotech industry by co-investing in projects likely to make a significant economic or social contribution. It is developing partnerships with the world’s leading nanotechnology centers. One of Rusnano’s goals is to establish a plastic electronics industry in Russia.
Under the terms of agreement Rusnano intends to “make a significant investment in the company, as part of a large-scale investment project”, according to the announcement.
Plastic Logic said it will continue to house its core R&D facility in Cambridge, England, as well as maintain its commercial factory in Dresden, Germany and corporate headquarters in Mountain View, California.
Plastic Logic‘s first commercial product is a flexible active matrix display to be used in the next-generation electronic reader for business applications, currently under development.
Plastic Logic opened its first high-volume, state-of-the-art manufacturing facility in Dresden, Germany in 2008, where it will continue with production of the company’s first commercial product.
“As a global company, we evaluated multiple countries for our expansion efforts and ultimately Russia offered the best strategic partnership opportunity,” said Plastic Logic’s CFO Rik Thorbecke, in a statement. “Russia provides access to an enormous talent pool of scientists and engineers, and proximity to our European centers in Cambridge and Dresden. We have been very impressed with the caliber of the Rusnano organization and, most importantly, its commitment to undertake the significant investment required to build a world-class volume production center capable of producing hundreds of thousands of units a month.”