Plastic Logic secures $150m funding for Russian facilities
updated 11:10 pm EST, Mon January 17, 2011
Company still working on new e-book reader
Plastic Logic has reportedly secured an additional $150 million in equity financing, in a new investment agreement with the Russian Corporation of Nanotechnologies (Rusnano). Combined with $50 million in equity investment from Oak Investment Partners, the funding will help Plastic Logic establish its second factory in Zelenograd, Russia.
The new facility is estimated to cost approximately $700 million when construction has completed. The factory is expected to be ready for production by 2013 or 2014, employing more than 300 workers focusing primarily on flexible plastic displays. The company also suggests it will continue to invest in its Dresden, Germany manufacturing facility and Cambridge-based R&D headquarters.
Although Plastic Logic struggled to launch its QUE ProReader, the company still plans to release another e-book reader geared for the business market. [via Wall Street Journal]
