Russian Venture Company (RVC) Seed Fund, the Bereskov Institute of Catalysis of the Siberian Branch of the Russian Academy of Sciences (SB RAS), and VOOP-Consulting, have signed an agreement to carry out a project to launch production of industrial catalytic air heaters, the company Branan, a venture partner of RVC Seed Fund, that has prepared the project for raising finance.

The project will reportedly be carried out by the project company EcoCat, set up by the Boreskov Institute of Catalysis SB RAS.

Under plans, the Boreskov Institute of Catalysis SB RAS will contribute rights for intellectual property into the project. RVC Seed Fund and private investor VOOP-Consulting will provide $500,000 finance to EcoCat on the project.

This is the first deal in Russia to raise venture fund’s investment into a company, set up in accordance with the federal law 217-FZ of August 2, 2009, regulating founding of companies by scientific and educational organizations for commercializing their intellectual activity results.