After the late June 2012 announcement that the Russian government was selling its shares in various resource- and commodity-based national enterprises as well as 10% of its stake in RUSNANO (my June 25, 2012 posting), this seems an interesting development. Sally Bakewell in a July 18, 2012 article for Bloomberg.com mentions a new Rusnano venture (Note: I have removed links),
Rusnano Capital LLC teamed up with New York-based I2BF Global Ventures to invest $150 million in nanotechnologies for Russia’s agriculture and water industries.
Nanotechnology, which deals with matter on a scale comparable to the diameter of a strand of DNA, can be used to remove pollutants and salt from water, improve soil fertility and boost crops. Drought, still affecting nine regions in Russia, has damaged grains on 1.5 million hectares (3.7 million acres) of land this year, according to the Agriculture Ministry.
The July 18, 2012 news item on Opalesque offers this detail,
Rusnano Capital (RNC), the Russian government-owned nanotechnology investment company, and international technology investment group I2BF Global Ventures have announced the launch of the I2BF-RNC Strategic Resources Fund to invest in later-stage nanotechnology companies. The seven-year fund launches with a $53m commitment from its LPs with a target fund size of $150m.
Its remit will be to invest in international nanotechnology that has applications of value within the Russian Federation, with a focus on the resource sector as well as water and agriculture.
“We are delighted to partner with Rusnano Capital on our first late-stage venture fund expanding on I2BF’s existing investment expertise,” says Ilya Golubovich, Managing Partner of I2BF Global Ventures (right). “… The opportunities to roll out nanotech applications and also production facilities in Russia are widespread and we will be using our global footprint to channel the best technologies into this market.”