January 18, 2011
RUSNANO investing to make largest plastic electronics facility for flexible plastic displays
(e.g. electronic paper) to make a flexible display
Russian Corporation of Nanotechnologies (RUSNANO) and Plastic Logic today announced they have finalized details of RUSNANO’s investment in the company, which is the global leader in the emerging field of plastic electronics. The investment project, which will total $700 million, includes building the world’s largest volume production factory for Plastic Logic’s next-generation plastic displays in Zelenograd, and aims to establish a commercial plastic electronics industry in Russia.
Plastic logic has flexible plastic displays.
Plastic Logic has received an initial investment package of $300 million: Under the final agreement, RUSNANO is providing an initial investment of $150 million into the equity of Plastic Logic. Plastic Logic’s lead investor, Oak Investment Partners, a multi-stage venture capital firm, is investing an additional $50 million as part of the project investment plan. In addition to the equity investments, RUSNANO will provide partial guarantees for debt financing in the amount of $100 million.
Over the next few years, additional equity and debt will be raised totaling approximately $400 million.
Plastic electronics technology has the potential to revolutionize the design and production of electronic devices. This technology has many economic, manufacturing, form factor and environmental benefits, assuring that it will replace silicon in a variety of devices in the future. Plastic Logic is the leader in the development of this technology for commercial purposes and has developed broad and deep intellectual property in the technology and is actively advancing this technology in its labs and in manufacturing facilities. Plastic Logic’s first application of the technology makes possible an amazingly thin, lightweight, robust and flexible active matrix display that is unmatched in the marketplace. The display is at the core of Plastic Logic’s first commercial consumer electronics product, a next-generation electronic reader for business that is currently under development.
The Zelenograd factory, scheduled for production starting in 2013/2014, will have the capacity to produce hundreds of thousands of units of next-generation plastic electronics displays per month. Plastic Logic said it plans to employee 300-plus at the new Zelenograd facility.
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