RUSNANO as a promoter of Russian nanoindustry development
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Transcript of RUSNANO as a promoter of Russian nanoindustry development
RUSNANO as a promoter of Russian nanoindustry development
Prof. Sergey Kalyuzhnyi, Head of Department of Scientific & Technical Expertise, Member of the Executive Board
Visit to Germany, May 2011 Sergey Kalyuzhnyi
JSC Rusnano - fabrication of nanoproducts
Established in March 2011 through reorganization of state corporation Russian Corporation of Nanotechnologies
RUSNANO: facts and figures
Mission: to implement the state policy in the field of nanotechnology
Application task: commercialization of nanotechnology projects,
modernization of Russian industry, “smart jobs” creation
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Russian Federation’s asset contributions in RUSNANO: $ 4.6 blnState guaranteed debt financing (bonds issuance): $ 5.7 bln
Russian Corporation of Nanotechnologies
Non-profit foundation - infrastructure, education, etc.
2007 – 2010 2011 -2015 2016 - …
Meeting with Scientific American representatives, May 2011 Sergey Kalyuzhnyi
Nanoindustry development
NANOINDUSTRY
Infrastructure
Investment projects
Education
Standardization/certification
Popularization
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Motivation to invest
Motivation to research
Legal basis development
Motivation to be technically
competent
Meeting with Scientific American representatives, May 2011 Sergey Kalyuzhnyi
Russian Venture Company (RVC)
Bank for Development and Foreign Economic Affairs (Vnesheconombank)
RUSNANO
Investment fund of the Russian Federation, etc.
RUSNANO serves as the base institute of the innovation pipelines in the field of nanoindustry development
Innovations in RussiaInvestment block Target research
Federal Target Program
Russian Academy of Science etc.
Kurchatov’s Institute (Scientific coordinator of nanotechnologicalnetwork)
Government regulation
Special Economic Zones
Skolkovo
Priority areas, etc.
Business educationsystem development
Ministry of Science&Education
Presidential Academy of National Economy and Public Administration
RUSNANO
Visit to Germany, May 2011 Sergey Kalyuzhnyi
cash
flow
time
Project development: RUSNANO investment
start-up early growth mezzanineexpansiontest salesseed
stage IPO
VnesheconombankRussian Bank for Development
RUSNANO
RVC Seed Fund
“Bortnik Fund”, program START
Russian Venture Company
grants
Death valley
Visit to Germany, May 2011 Sergey Kalyuzhnyi
Financial support Non-financial support
Infrastructure: Equipment as service,
start-up incubation
Technical and investment expertise
at the pre-design stage; Certification and foresight
Management:Scheduled work with the project
company, assistance in marketing controlling the disposal of
investment in the interests of all shareholders
Corporate: RUSNANO’s minority share in all projects
Credit:Long-term and comparatively cheap money. Guarantee for loans
Friendly exit strategy:RUSNANO is not a VC fund
Requirement: (part of) business location in Russia
Support for co-investors: advantages and benefits
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Meeting with Scientific American representatives, May 2011 Sergey Kalyuzhnyi
Debt Instruments
Project Financing
Equity Financing
n RUSNANO stake in a project company does not exceed 50% - 1 sharen Upon decision of the Supervisory Council at RUSNANO (exceptional cases) does not exceed 75% - 1 share
n Provision for a loan or a loan guarantee on preferential termsn Use of various forms of debt to finance project company operations (bonds, convertible bonds)n Leasing operations
Investment Period Up to 10 years (usually 4-6 years)
Co-investment Engagement
n State and private institutionsn Individual investorsn Financial institutionsn Private equity and venture funds
Provision of a Favorable Exit
n M&A with a strategic investorn IPOn Management/other stakeholders buyout and other
strategies
RUSNANO’s key services in financing
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Meeting with Scientific American representatives, May 2011 Sergey Kalyuzhnyi 8
Mechanism of RUSNANO projects development
Proposal
Preliminary expertise
Technical and scientific expertise, control
measurement, worksite expertise, market research, patent
expertise, due dilligence
Scientific Council Committee of the investment policy
Supervisory Board Advisory Board< <
RUSNANO-RAS technology transfer center
Open window mechanism
Investigation of industry expectations
Analysis of RUSNANO projects
Analysis of world experience
Analysis of current technological trendsInternal scientific and
technological experts incl. experts working abroad
Executive Board
Board of directors
Potential
risks
Meeting with Scientific American representatives, May 2011 Sergey Kalyuzhnyi 9
S&T expertises held: 947Rejected at early stage: 238
Internal expertises: 616 (rejected: 220)Panel discussions: 56
Recommended for further consideration: 411At expertise or revision stage: 185
Supervisory Board< <
RUSNANO expertise: statistic data
Total proposals=1976
Analyzed by the Scientific Council: 249
Recommended for further consideration: 232Rejected: 18
Approved by the Board of Directors: 111* *including infrastructure projects
Meeting with Scientific American representatives, May 2011 Sergey Kalyuzhnyi 10
RUSNANO S & T experts by field
physicsmaterial sciencebiology and medicineenergy efficiencymeasurement methodsother
30
2619
17
5 3
12
159
75
57
24
11
12
by field (%, total 636)
by geography :international experts (total 95)
by geography :Russian experts (total 541)
USGermany
Franceother
4229
136
5
Israel
310
4727
161110
120
Moscow districtSPb districtNovosibirskKazanEkaterinburgTomskother
Meeting with Scientific American representatives, May 2011 Sergey Kalyuzhnyi 11
Priority areas of Russian Nanotechnology
Energy efficiency & Clean Tech.
Optics & Electronics
Nanomaterials
Coatings & surface
modification
Medicine & Pharmaceut
icals
q Energy productionq Energy usageq Energy storageq Energy transfer
q Molecular/clinical Diagnostics q Therapyq Surgery
q Optoelectronics q Microelectronicsq Supply/microwave electronics
q Metals and alloysq Ceramic materialsq Semiconductorsq Carbon materialsq Plastic materialsq Composite materials
q Physical methodsq Chemical methodsq Electrochemical methods q Traditional coatings
Meeting with Scientific American representatives, May 2011 Sergey Kalyuzhnyi 12
RUSNANO projects by field
nanomaterialsoptics and electronicsmedicine and pharmacologyenergy efficiencycoatings/surface modificationother
under financing(total 47)
approved by theBoard of Directors,pending for financing(total 50)
approved by the Scientific council,pending for further consideration (total 131)
14
983
94
12
159
75 2
57
20
24
11
1012
Meeting with Scientific American representatives, May 2011 Sergey Kalyuzhnyi
0,81,7
3,96,5
10,0
0,52,4
4,7
8,0
11,3
15,7
19,3
30,0
2008 2009 2010 2011 2012 2013 2014 2015
0,03
Sales Targets of Russian Nano-Enabled Products
Total sales of Russian nano-enabled products
Sales of companies financed by RUSNANO
RUSNANO: key goal – portfolio company sales growth
13
bln. $
Meeting with Scientific American representatives, May 2011 Sergey Kalyuzhnyi 14
RUSNANO investment projects by geography
Meeting with Scientific American representatives, May 2011 Sergey Kalyuzhnyi 15
Thank you for attention!