Plastic Logic is raising $700 million to open a new factory in Russia that will produce “next-generation plastic displays.” The company had said in November that it was taking a “significant investment” from the Russian government-owned Russian Corporation of Nanotechnologies (Rusnano) but had not specified how large that investment would be.
Rusnano will initially invest $150 million in Plastic Logic, while existing backer Oak Investment Partners will put in another $50 million. Rusnano is also offering “partial guarantees” for debt financing of $100 million. Plastic Logic says $400 million of additional debt and equity will be raised “over the next few years.” The company had already raised more than $200 million, including $100 million in a round three-and-a-half years ago, which it used in part to build its existing factory in Dresden, Germany.
Plastic Logic was behind the highly-hyped Que tablet, which was supposed to launch in January 2009 but was repeatedly delayed and ultimately cancelled. It now says it is using its flexible display technology to build a “next-generation electronic reader for business.” It isn’t saying when that device should come to market, but it says the new factory will be able to produce “hundreds of thousands of units” of displays monthly beginning in “2013/2014.”