Rusnano Capital LLC teamed up with New York-based I2BF Global Ventures to invest $150 million in nanotechnologies for Russia’s agriculture and water industries.
Rusnano Capital, a unit of Russia’s state-owned OAO Rusnano, and clean-technology investor I2BF started a seven-year fund to invest in international businesses whose applications can be used in Russia, they said in an e-mailed statement. The I2BF-RNC Strategic Resources Fund, with a target size of $150 million, has $53 million already committed, they said.
Nanotechnology, which deals with matter on a scale comparable to the diameter of a strand of DNA, can be used to remove pollutants and salt from water, improve soil fertility and boost crops. Drought, still affecting nine regions in Russia, has damaged grains on 1.5 million hectares (3.7 million acres) of land this year, according to the Agriculture Ministry.
“Agriculture and water-supply industries in Russia offer an immense source for growth,” Irina Rapoport, chief executive officer of Rusnano Capital, said in the statement.