RUSNANO backed Plastic Logic to try to build a Russian plastic-electronics manufacturing industry around flexible displays. The 2011 announcement described a $700 million project, but its initial financing package was $300 million; the Zelenograd factory’s production targets were plans, not evidence of completed mass production.
Why did RUSNANO invest in Plastic Logic?
The investment was an industrial-policy bet as well as a company investment: RUSNANO sought to help establish high-volume manufacturing of plastic electronics in Russia, using technology developed by British company Plastic Logic. The aim was to create a domestic production base in Zelenograd and position Russia in a prospective market for flexible electronic displays.
RUSNANO managing director Georgy Kolpachev described the opportunity as entering a new segment early and giving Russia a chance to gain a leading position in future electronics. Plastic Logic CFO Rik Thorbecke said the company had evaluated multiple countries and viewed Russia as its strongest strategic partnership opportunity, citing the local talent pool, proximity to Cambridge and Dresden, and commitment to a volume-production center.
The plan originated in a 2010 agreement for a second volume-production facility in Russia. The parties finalized the project’s financing announcement on 18 January 2011.
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How much money was announced, and what did it cover?
The $700 million figure was the total project envelope announced by RUSNANO and Plastic Logic in 2011. The initial package was $300 million, made up of equity contributions and partial guarantees for debt—not $300 million in cash invested by RUSNANO alone.
| 2011 financing component | Amount | What it represented |
|---|---|---|
| RUSNANO equity investment | $150 million | Equity contribution to the project |
| Oak Investment Partners contribution | $50 million | Investor contribution |
| RUSNANO partial debt guarantees | $100 million | Guarantees supporting debt, not an equivalent cash investment |
| Total initial package | $300 million | Combined equity contributions and partial debt guarantees |
| Total project envelope | $700 million | Overall project figure announced by the parties |
The announcement does not break down the remaining $400 million of the total project envelope into specific sources or commitments. RUSNANO’s reported ownership stake subsequently rose from 33.75% to 43.84% during 2011.
What was the Zelenograd factory supposed to make?
The proposed plant was intended to manufacture flexible active-matrix displays using Plastic Logic’s plastic-electronics platform. The display itself—not a complete e-reader—was the core industrial product. Its first commercial application was planned for business e-readers.
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In 2011, the companies described a target capacity of hundreds of thousands of displays per month, with production planned for 2013–2014 and more than 300 skilled jobs expected. These were announced targets; they do not establish that the factory reached that capacity, began commercial production, or created that number of jobs.
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Did Plastic Logic build and operate the Russian factory?
The available announcements set out the intended factory, timetable, and capacity, but do not establish that the Zelenograd facility reached mass production. Later reporting instead points to financial and commercialization difficulties. It is therefore more accurate to distinguish the factory plan from demonstrated manufacturing results than to treat the announced schedule as proof of a completed high-volume operation.
Interfax reported in 2016 that RUSNANO had formed 21.8 billion rubles in impairment reserves across its investments for 2012–2013, with about 15% attributed to Plastic Logic. The report also described restructuring and discussions involving possible strategic investors. The reserve figure applies across RUSNANO’s investments; the 15% attribution is the reported share associated with Plastic Logic, not the total reserve for this project alone.
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What happened to Plastic Logic’s e-reader?
Plastic Logic’s Que was a business-oriented e-reader intended to use the company’s display technology. The product was later withdrawn before any units shipped. That outcome matters because the Russian project’s first proposed application depended on a commercial product, while the planned factory was aimed at supplying displays at industrial scale. The Que’s withdrawal does not by itself establish what happened to every part of the factory project, but it shows that the initial product route did not reach customers.
How should the investment be judged?
The project combined a strategic goal—developing Russian production capability—with a high-volume manufacturing plan and a first target market in business e-readers. The 2011 announcement documented financing intentions and capacity targets; subsequent reporting documented a higher RUSNANO stake, impairment, restructuring, and strategic-investor discussions. Those are different kinds of evidence: the announced scale describes what the partners intended, while the later reports indicate financial strain and do not demonstrate that the production targets were achieved.
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