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Rusnano and I2BF invest $20M in Nesscap; production and research in Russia

Russian Government-owned Rusnano and I2BF have invested a combined $20 million in ultracapacitor maker Nesscap Energy Inc., subscribing for 50,955,000 and 2,681,842 Nesscap common shares, respectively. Nesscap will use the proceeds from this financing for the establishment of a full-scale production facility for ultracapacitors and accompanying research center in the Russian Federation (US $15,000,000) and for the expansion of Nesscap’s current manufacturing and core R&D operations in Korea and for general corporate purposes (US $5,000,000).

Products from the new plant in Russia will be supplied to the growing European and Asian markets for use within the automotive sector and renewable energy markets, said Georgy Kolpachev, Managing Director of Rusnano. Under the terms of the investment agreement, Kolpachev will join Nesscap’s board of directors.

The project is aimed towards the growing transportation industry, grid stabilization and renewable energy applications. The new plant in Russia will manufacture a wide range of high capacity ultracapacitor cells and modules based on Nesscap’s proprietary technology.

Nesscap’s ultracapacitor products have a variety of applications, including power systems for vehicles with hybrid powertrains, compact and scalable energy storage systems and various types of stop-and-go systems for conventional engines, as well as stabilization of line voltage and stand-by power. Ultracapacitors can also be effectively used in conjunction with batteries to operate at peak loads, which allows such combined systems to achieve an increased service life (typically two to three times over standard battery-only systems).

In October 2010, the company introduced five new ultracapacitor modules for the industrial and automotive markets. (Earlier post.)

Proceeds from this financing will be held in escrow until certain conditions have been fulfilled by Nesscap including, without limitations, the establishment of a wholly-owned subsidiary in the Russian Federation; and Nesscap obtaining consent from its shareholders for the private placement because it results in the creation of a control person (as defined in the policies of the TSX Venture Exchange) as well as final approval from the TSX Venture Exchange.

In addition, Rusnano will also provide an additional US $11,500,000 loan facility to Nesscap’s subsidiary in the Russian Federation to be used in connection with the establishment of its production facility. As additional consideration for providing the loan facility and subject to approval by the TSX Venture Exchange, Nesscap has agree to issue 820,123 bonus common shares to Rusnano representing an adjusted deemed subscription price of $0.374 per common share.

Partnering with Rusnano is a natural fit, enabling Nesscap to access the technological depth of Russian science and direct access to market opportunities in the CIS region. We are excited to expand Nesscap’s manufacturing operation and R&D efforts in Korea and getting established in Russia to bring world class technology and products to our customers around the globe.

—Dennis Orwig, CEO of Nesscap

Rusnano was established in March 2011 as an open joint-stock company through reorganization of Russian Corporation of Nanotechnologies. Rusnano’s mission is to develop the Russian nanotechnology industry through co-investment in nanotechnology projects with substantial economic potential or social benefit. The Government of the Russian Federation owns 100% of the shares in Rusnano.

I2BF Global Ventures is an international clean technology asset management group with a global investment mandate and operates two separate divisions: I2BF Venture Capital and I2BF Public Equities; focused on venture capital and public equity activities respectively. Established in 2005, I2BF has more than US$150 million in assets under management.

Comments

HarveyD

Direct participation by governments, instead of hand outs, into advanced technologies R & D + mass production, may be a way for the public to get a fair return for their investments.

kelly

".., instead of hand outs,.." sounds good, until a government run by Wall Street owns nearly half of, say GM(Chrysler,..), and then co-lies as the company "repaid" it's loans from taxpayer dollar "operations" escrows.

The distribution of wealth in the US is WORSE than the King/serfs of the Middle Ages and THAT criminality will not stand.

HarveyD

kelly....the recent USA financial crisis has demonstrated that the perfect system does not exist. The cleanest democracy can be corrupted, specially with $1B elections.

For democracies to regain their freedom of action, an effective way to separate $$$ and politicians must be found and applied.

Political donations should be limited to $10 per voter and registered. No company, union, lobby, religious and non-religious groups should be allowed to donate directly or indirectly. Governments could finance elections at the rate of $2 to $5 per voter.

Arnold

There are an increasing number of serious players in capacitor energy storage and research.
Although not very expert in the current practical application of these tech, one can assume that others are and are finding acceptable ways to integrate same.

That is a very encouraging sign that high efficiency circuits apps are proliferating and we will expect to see increasing benefits in most areas.

The gains in efficiency over time to be most affected will initially be from enabling the dismantling of inefficient current practices in almost every area of E transmission and storage. That is HUGE!

We can also expect novel or disruptive applications to evolve with time. I think the humble cap will become recognised as not so humble rather rapidly we will be asking how we ever managed without.

HarveyD

Yes Arnold. Specially when super caps technology is evolving faster than other e-storage technologies.

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