The Russian nanotechnology investment company RUSNANO has agreed to invest EUR 10 million (ca. USD 14.3 million) in exchange for 2 million shares in the capital increase by way of indirect subscription rights or for between 25% and 29.9% stake in ItN Nanovation AG, a German public nanotechnology company. The investment is expected to be used for company’s development in Germany and for a Russian production site to manufacture nanoceramic coatings for energy sector and foundries.
Founded in 2000, ItN Nanovation AG makes innovative ceramic products such as filter systems and coatings for major industrial customers. The company produces nanoceramic coatings for power plants and foundries, membrane filters based on nanoceramic coatings and mobile units for waste water treatment. The Saarbrucken, Germany-based ItN Nanovation is listed on the Frankfurt Stock Exchange. Its customers include Mercedes, STIHL, Bosch Siemens Home Appliances, and Grohe.
ItN Nanovation previously raised over EUR 50 million from German venture capital fund Nanostart AG and other institutional and private investors.
RUSNANO recently agreed to invest $140 million in magnetoresistive random access memory (MRAM) manufacturing company Crocus.