Plastic Logic gets cash to make e-readers in Russia
updated 05:10 pm EST, Tue November 9, 2010
Plastic Logic, RUSNANO strike a long-term deal
The rumored talks between Plastic Logic and Russia's RUSNANO have proven true, as the two companies have announced a partnership. Under the agreement, the two will produce a factory to build Plastic Logic's next-generation plastic electronic displays, as the promised QUE ProReader e-book reader was stillborn. RUSNANO will make a significant investment in the company as part of a large-scale investment, though specific numbers were omitted.
Plastic Logic will keep its Cambridge, England-based R&D facility, commercial factory in Germany and headquarters in California. The company says RUSNANO’s investment will help it to expand volume production of its next generation of products and continue to work on its technology for future products.
The first product will be aimed at business users and is currently being developed. It promises to feature a thin, light, rugged and flexible active matrix display unique in the industry. The Russian production facility is said to be the most advanced in the plastic electronics field.
The company's QUE ProReader was widely considered to be overpriced, at $649 to start versus the $499 full-color iPad, and suffered from multiple delays due to quality issues.
