RUSNANO and Microbor, ZAO have reached agreement with Allianz ROSNO Asset Management for the latter’s participation in the Microbor Nanotech project. Allianz ROSNO will take a share of about 10 percent. The fund, created with the involvement of the Moscow Government, the Ministry for Economic Development of the Russian Federation, and private investors, has been an investor in Microbor since 2007.
In 2009 RUSNANO approved investment in the project of Microbor Nanotech, ZAO. Its total cost is $30.7 million (930 million rubles).
Microbor Nanotech, a new generation manufacturer of composite materials, will establish large-scale manufacturing of cutting instruments using an ultra-hard material—cubic boron nitride nanopowder—in the framework of Microbor, ZAO.
“We welcome the decision of Allianz ROSNO Asset Management to enter the project. RUSNANO always responds favorably when financial investors take an active role in a project,” RUSNANO Managing Director Alexander Kondrashov said.
The full production cycle will be established within the project—from synthesis of cubic boron nitride nanopowder to manufacturing the cutting instruments from the material. To date, only world-leading manufacturers produce instruments from cubic boron nitride. No company has undertaken commercial production of instruments from cubic boron nitride nanopowder.
“The expertise and international relationships that Allianz ROSNO Asset Management has acquired are going to be extremely helpful for the project’s realization,” said Microbor Nanotech Director Alexander Timofeev.
The parties expect to complete the investment during the first quarter of 2010.
According to Allianz ROSNO Asset Management Deputy Director Dmitry Vasyutinsky, execution of the agreement for participation in the project fund and the company’s later departure from the fund demonstrate that the Russian market for investments in high-technology projects can operate on internationally accepted practice.