Rusnano will finance the first production of MRAM memory chips in Russia in cooperation with Crocus Technology, based in Grenoble, France, the Russian press reported.
Production will be organized through a technology transfer of chip design and packaging. The project will focus on producing Secure Digital (SD), MiniSD/MicroSD, and USB 1.1/2.0/3.0 flash memory cards.
Rusnano is a state-owned company focused on developing the Russian nanotechnology industry in particular through a program of co-investment.
Crocus Technology is a world leader in MRAM products and technologies for the semiconductor and electronic systems industries.
MRAM (Magnetic Random Access Memory) is a computer memory technology that could become dominant in the coming years.
Rusnano Board of Directors officially announced the investment last Wednesday, but the partner remained unnamed until Russian news agency RIA Novosti leaked the information on Friday, referring to a Russian source who wished not to be named.
Crocus Technology’s plans for Russian production were leaked for the first time in early February in Kommersant. The Russian business daily then reported talks between the French company and Angstrem, a Russian electronic components maker, and Mikron, a leader in the Russian semiconductor industry. Crocus representatives considered locating the future production of MRAM chips in Mikron’s factory in Zelenograd in the Moscow region. Rusnano had been named as a potential financial partner.
US business magazine Fast Company recently ranked Mikron among Russia’s top 10 innovative companies, hailing its know-how to fine-tune smart cards and ability to “make scannable chips used in everything from passports to subway tickets.
Among the shareholders of Crocus Technology is Ventech, a fund based in Paris and Beijing, which has been very active in Russia over the last two years with already two investments in Internet startups.
Crocus Technology left EWDN’s request for comments unanswered.
Update May 17, 2011
The agreement was announced officially on May 17. According to the press release, “Rusnano’s total investment commitment to the deal is 3.8 billion rubles (approximately $140 million). Approximately $125 million will be invested in the first round for setting up CNE’s MRAM facility in Russia. In addition, RUSNANO along with Crocus’ existing investors CDC Innovation, FCPR Ventech Capital, IDInvest Partners, NanoDimension, and Sofinnova Venture Partners will make an equity investment of $55 million into Crocus. An additional $120 million is slated to be deployed in subsequent years to increase production capability of the MRAM facility. Further investment to support upgrades to 45nm and finer lithographic processing is also incorporated into this agreement.”
