Crocus Nano Electronics Successfully Completes Fundraising
OREANDA-NEWS. Crocus Nano Electronics (CNE), the joint venture founded in 2011 by Crocus Technology, a leading developer of magnetically enhanced semiconductor technologies, and RUSNANO, today announces that it has raised USD 60 million from its historical investors in additional capital.
The new funding will enable CNE to:
Finalize construction and installation works
Complete procurement and installation of all capital equipment to support factory operations
Accelerate the Crocus Generation 3 Technology transfer through the end of 2014.
“We are delighted to have successfully raised these funds,” said Mark Dydyk, CEO of CNE. “This is another strong endorsement of our shareholders' confidence in our business and our ability as a management team to execute our strategy. With this new capital, we are now fully funded to deliver the last key milestone in the implementation of Russia's first ever 300-mm fab.”
This first production line was already completed one year after construction began. Currently, 200-mm and 300-mm CMOS wafers can be deposited with magnetic layers to create memory cells. CNE is ramping up with the objective to turn out 500 wafers per week by the end of 2014.
Last week, the full Board of Directors from CNE toured their state-of-the-art semiconductor factory in Technopolis Moscow; the very first semiconductor factory in Russia to use 300-mm diameter wafer for MRAM manufacturing.