A senior level delegation from the RUSNANO Corporation led by Deputy Chief Executive Officer, Mr. Alexander Losyukov, and his colleagues Mr. Kyrill Frolov and Mr. Rail Rafikov arrived in Toronto, Canada on Tuesday, September 7th to meet with John Varghese, CEO and Managing Partner of Toronto based venture capital firm, VentureLink Funds. RUSNANO is a state-run corporation, with the main task of supporting and advancing the nanotech industry in Russia. RUSNANO Corporation of Nanotechnologies has approximately US$5 billion under management, provided solely by the Russian Government. The mandate of RUSNANO is to foster the commercialization of nanotechnology projects with high business potential and/or social benefits on a global scale.
During their visit, the delegation successfully concluded in-depth discussions with Mr. Varghese that commenced early in 2010. The goal of the meetings was to establish the basis on which to create a Canada-Russia Nanotechnology Venture Capital Fund co-founded by RUSNANO and Mr. Varghese in Canada. The Fund's investment interests will mainly focus on nanotechnology based products and applications in the areas of information technology for Nano based applications, energy production and storage, (including renewable and clean energy sources), advanced materials, biomaterials, and other select sectors. The Fund will not be seeking out defense related projects.
Subject to certain conditions, RUSNANO has signed a ground breaking Memorandum of Understanding committing to be a very significant lead order and partner in this new Nano Fund. Final corporate approvals are expected prior to the end of 2010, allowing this Fund to be operational in 2011.
"RUSNANO is very excited to partner with Mr. Varghese and his team in this visionary endeavor. This Fund will promote international trade between the two countries while developing world class next generation projects" said Mr. Losyukov. "As a pioneer in clean tech investing, a migration to Nanotechnology that will focus on energy production and storage for renewable and clean energy and information technology, is a natural evolution. We hope to create one of the world's leading Nano funds by bringing together world class, experts, international strategic partners and strong financial support as we launch this fund in Canada. Dr. Maev's deep Nanotech expertise, proven technology transfer and commercialization background and relationships with RUSNANO made this partnership feasible. This collaboration with RUSNANO reflects a new model in venture capital and in cross-border co-operation" added Mr. Varghese.
During their visit, RUSNANO also met with the Honourable Sandra Pupatello, Minister of Economic Development and Trade and with senior officials of the Ministry of Research and Innovation, to discuss this new initiative supporting the development of technology transfer partnerships between RUSNANO and Canadian companies. Working in concert with the new Canada-Russia Nanotechnology Venture Capital Fund, this initiative will provide an opportunity for Canadian companies to build and expand their business base in the Russian market through vehicles such as the establishment of Joint Venture partnerships, technology licensing and other effective business arrangements. Those activities will be based upon regular consultations and coordination with various departments and agencies within the Federal and Provincial Government, including the Ontario Ministry of Economic Development & Trade and the Ministry of Research and Innovation.
"During our meetings, Minister Pupatello stated that Canada wants to go global. Well, Russia also wants to go global, thus we have a good platform to be partners. A partner that shares similar goals allows for unification of efforts. Political will, combined with the appropriate business environment and the right team makes this the ideal time to start this initiative" proudly stated Losyukov.