In January 2011, RUSNANO and British company Plastic Logic announced a $700 million project to build a high-volume flexible-display manufacturing operation in Zelenograd, Russia. The initial financing package was $300 million—not $700 million in cash already invested: it combined $200 million in equity contributions with partial guarantees for $100 million of debt. The factory was meant to help establish a Russian plastic-electronics industry, but its announced capacity and schedule were plans, not proof that production began.
Why did RUSNANO invest in Plastic Logic?
RUSNANO was backing more than a single consumer device. The aim was to help seed a domestic manufacturing industry for flexible plastic electronics by partnering with a company that had developed an active-matrix display platform. The proposed plant was to make displays at volume in Zelenograd, a technology hub near Moscow, rather than simply assemble finished e-readers.
Plastic Logic said Russia offered a strategic partnership, a skilled talent pool, and proximity to its operations in Cambridge and Dresden. RUSNANO managing director Georgy Kolpachev presented the investment as a chance for Russia to enter an emerging electronics segment early and compete in a future market. Those were strategic expectations at the time of the announcement, not evidence of later commercial success.
How much money was involved?
The $700 million figure described the total project announced by RUSNANO and Plastic Logic on January 18, 2011. The separately described initial package totaled $300 million and included both equity and credit support.
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| Component of initial package | Amount | What it represented |
|---|---|---|
| RUSNANO equity | $150 million | Equity investment in the project |
| Oak Investment Partners contribution | $50 million | Equity contribution from the investment firm |
| RUSNANO partial debt guarantees | $100 million | Guarantees covering part of debt; not an equivalent cash investment |
| Total initial package | $300 million | $200 million in equity contributions plus $100 million in partial debt guarantees |
The remaining $400 million between the $300 million initial package and the $700 million project total was part of the broader project financing plan; the announcement does not describe it as cash already committed in that initial package. This distinction matters when assessing the headline figure: the total project envelope, direct equity and contingent guarantees are different kinds of financial exposure.
What was the Zelenograd factory supposed to make?
Flexible active-matrix displays
The proposed facility was intended to manufacture Plastic Logic’s flexible active-matrix displays. The company’s platform used plastic rather than conventional rigid glass as the display substrate, with potential applications in lightweight, durable, bendable electronic devices. The first commercial application discussed was a business-oriented e-reader display.
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Announced output and timetable
RUSNANO and Plastic Logic said the plant was planned to produce hundreds of thousands of displays per month, create more than 300 skilled jobs, and begin production in 2013–2014. These were targets announced in 2011. The figures describe intended capacity and employment, not verified output or jobs achieved.
Did Plastic Logic build and operate the Russian factory?
The available reporting establishes the announcement, proposed schedule and later financial difficulties, but does not establish that the Zelenograd facility reached the planned volume production. The 2013–2014 production window should therefore be read as the original target, not as a confirmed opening date or evidence that the factory made displays at the announced scale.
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Later ownership and financial reporting gives a clearer indication of the project’s challenges. Reports say RUSNANO’s stake rose from 33.75% to 43.84% during 2011. 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 same reporting described restructuring and discussions of possible strategic-investor scenarios. The reserve figure covers RUSNANO investments overall; it is not the reported loss on Plastic Logic alone.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to the Plastic Logic e-reader?
Plastic Logic’s Que was a business e-reader built around the company’s display technology. The product was withdrawn before shipment, and no units shipped. Its withdrawal is relevant because the Que was an early commercial application for the display platform, but it does not by itself establish what happened to the separate Zelenograd factory plan.
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How to read the investment in context
- Industrial ambition: The plan sought to build manufacturing capability in Russia, not merely finance a single retail gadget.
- Funding versus exposure: The $150 million RUSNANO equity contribution was distinct from its $100 million in partial debt guarantees and from the wider $700 million project total.
- Capacity versus results: Hundreds of thousands of displays per month and the 2013–2014 production window were announced goals; later material does not confirm production at that scale.
- Technology versus demand: Flexible displays offered a prospective technical platform, while withdrawal of the Que before shipment meant that this particular reader did not demonstrate a shipped consumer product.
- Strategy versus financial performance: The later impairment and restructuring reports show financial strain, but do not convert the full project envelope or RUSNANO’s overall reserves into a Plastic Logic loss figure.
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