Rosatom, the national nuclear energy corporation, is launching its own venture fund next year. The holding firm is expected to shell out more than $105m for the fund to begin with, Firrma.ru reported.
The new fund will reportedly focus on start-ups, technologies and solutions Rosatom could use at its numerous production sites. It is expected that the proprietary fund will help the nuclear energy giant make inroads into other sectors for diversification.
Rosatom, the umbrella company for more than 360 nuclear energy assets, announced it will invest at least 4.5% of its annual proceeds in R&D.
The government-owned corporation also has plans to launch an e-platform called “Ideas Exchange” and hold a competition for start-ups. The results of the contest will be announced in early 2018, with the ten best projects eligible for investment from Rosatom.
Back in June, President Vladimir Putin of Russia told the managers of Rosatom and some other large-scale government-owned corporations, including Rostec (the umbrella firm for technology-focused assets across Russia), Roscosmos (in charge of Russia’s space exploration program), United Aircraft-Building Corp. and United Shipbuilding Corp., to set up their own special departments and corporate venture funds investing in small innovative companies. Roscosmos, for example, has already launched its VC fund to support the development of mini-satellites and light rocket carriers. Earlier this month United Shipbuilding Corp. announced plans to set up a VC fund also in 2018.