OREANDA-NEWS. September 13, 2011. The Board of Directors of RUSNANO, meeting in regular session, approved key parameters for RUSNANO’s participation in establishing infrastructure fund Pre-IPO. The purpose of the fund is to invest in high-tech companies working in the nanotechnology sphere, among others, and planning their initial public offerings through the MICEX Market for Innovations and Investments within three years. Pre-IPO will offer young companies financial and consulting support to prepare for the IPOs and to carry through their issuance. The target size of the new fund is 1.8 billion rubles of which RUSNANO will contribute 500 million rubles.

Directors heard a presentation on the termination of six investment projects that had been approved by the Supervisory Council but not financed by RUSNANO:

Production of multicascade nanoheterostructured solar elements and solar batteries based on A?B? semiconducting materials and intended for use in space

Production of a nanostructured microspheric catalyzer of dehydrogenating isoparaffins and adsorbing agents for drying olefin-containing streams

Production of chloroacetic acid using a nanostructured catalyzer of hydrogenizing dichloracetic acid

Production of units that synthesize nanoceramic composites on surfaces of valve group metals and use of those units to treat items;

Production of film using diffractive optical elements and related finished goods whose manufacture is based on a method of roll-fed printing

Production of two-sided solar elements and modules of monocrystalline silicon

The most frequently encountered reasons for terminating projects were the following:

Failure of the applicant or the co-investor to fulfill obligations for project realization that it had contracted to fulfill

Rejection by the applicant of joint project realization because of changes in ownership or management or due to worsening financial circumstances

Replacement by the applicant of monetary support from RUSNANO with other sources of financing

Aggregate budgets of these projects total slightly more than 8.7 billion rubles, which is 1.85 percent of all project budgets approved for cofinancing by RUSNANO. As of September 5, 2011, RUSNANO had approved 127 projects with budgets totaling 471.6 billion rubles in which RUSNANO plans to co-invest 211.6 billion rubles.

The Board of Directors instructed the Executive Board to develop a plan for finding investment projects for solar elements of gallium arsenide, ascertain the responsibility of staff for unfavorable projects results, and fix responsibility for results in the company’s employee motivation program.