Siberia | Finance, business | Industry, manufacturing
Rusnano approves more funding for its Siberian lithium-ion battery maker
5 Sep '13
Rusnano, Russia’s nanotech giant, is allocating additional funding for Liotech, its portfolio company in Siberia’s Novosibirsk manufacturing lithium-ion storage batteries. The Rusnano board decided to shell out another $13.5m for Liotech at its meeting earlier this week.
“At the inception stage of the project, the Novosibirsk company saw electric vehicle manufacturers as its primary market. However, the growth rate for this market has been overestimated both in Russia and globally. This has caused us to reconsider the strategy and alter the portfolio company’s product line. A new strategy has been approved, calling for the manufacture of high-capacity batteries and energy storage systems for large-scale energy projects first and foremost,” the Rusnano board of directors explained in its official statement.
In April 2013, the board already endorsed additional funding for Liotech, that time an extra $12.8m.
Novosibirsk’s Liotech, 100% owned by Rusnano, launched two years ago Russia’s first and the world’s largest factory to produce lithium-ion batteries.