Open menu

Nanotechnology General News

The latest news from academia, regulators
research labs and other things of interest

Posted: Apr 30, 2012

NeoPhotonics Receives Strategic Investment from RUSNANO

(Nanowerk News) NeoPhotonics Corporation, a leading designer and manufacturer of photonic integrated circuit, or PIC, based modules and subsystems for bandwidth-intensive, high speed communications networks, today announced that it has received an investment from RUSNANO, a $10 billion sovereign investment corporation located in Moscow, Russia. RUSNANO acquired 4.97 million newly-issued common shares of NeoPhotonics Corporation in a private placement transaction at a price of $8.00 per share for gross proceeds of $39.8 million. The Company's per share closing trading price on April 27, 2012, was $4.49. The shares are restricted from resale pursuant to a lockup agreement for up to two years, at the end of which the Company is obligated to register the shares for potential resale. In connection with the investment, the Company appointed Sergey Polikarpov, RUSNANO Managing Director, to the board of directors.
"We are pleased to receive this strategic investment from RUSNANO," said Tim Jenks, Chairman, President and CEO of NeoPhotonics. "We welcomed this investment as it aligns with our strategy to accelerate growth globally, with particular emphasis on fast growing and emerging markets, including in Russia and the CIS countries."
"Not only are these markets deploying high speed, agile and fiber-to-the-home networks but we are also seeing more of our customers target service providers and invest locally in Russia and more broadly in Eastern Europe," continued Mr. Jenks. "We started to see and investigate this growth opportunity several years ago, and we added sales capability in the region and have since been engaged with and supplying several customers in Russia. With the planned support from RUSNANO, we believe that NeoPhotonics is well-positioned to capitalize on new and greater opportunities in the region."
"One of the unique advantages of NeoPhotonics is its vertically-integrated design and manufacturing processes for photonic integrated circuit-based products," said Mr. Polikarpov. "The Company's planned research and production facilities in Russia are intended to be able to perform a wide range of steps from PIC development to processing and fabrication. We believe that with our support in Russia, we can further enhance the Company's development cycles and shorten the time for broader adoption for NeoPhotonics products in Russia and the global market."
NeoPhotonics intends to use a portion of the net proceeds from the sale of the shares of common stock for general corporate purposes as well as to establish design and production capabilities in Russia for the benefit of the global organization. The expansion in Russia is targeted for completion by July 31, 2014, and is not expected to have a material impact on the Company's results of operations in 2012. The Company will hold its quarterly financial results conference call on May 3, 2012, at 4:30 p.m. ET (1:30 pm PT).
About NeoPhotonics
NeoPhotonics is a leading designer and manufacturer of photonic integrated circuit, or PIC, based modules and subsystems for bandwidth-intensive, high-speed communications networks. The company's products enable cost-effective, high-speed data transmission and efficient allocation of bandwidth over communications networks. NeoPhotonics maintains headquarters in San Jose, California and ISO 9001:2000 certified engineering and manufacturing facilities in Silicon Valley (USA) and Shenzhen, China. NeoPhotonics has been included in the Russell 3000 Index since its reconstitution in June 2011. For additional information, visit www.neophotonics.com.
About RUSNANO
RUSNANO was founded in March 2011 as an open joint stock company through reorganization of state corporation Russian Corporation of Nanotechnologies. RUSNANO's mission is to develop the Russian nanotechnology industry through co-investment in nanotechnology projects with substantial economic potential or social benefit. The Government of the Russian Federation owns 100 percent of the shares in RUSNANO. Anatoly Chubais is CEO and chairman of the Executive Board of RUSNANO.
Work to establish nanotechnology infrastructure and training for nanotechnology specialists, formerly conducted by the Russian Corporation of Nanotechnologies, has been entrusted to the Fund for Infrastructure and Educational Programs, a non-commercial fund also established through reorganization of the Russian Corporation of Nanotechnologies.
Source: NeoPhotonics (press release)
If you liked this article, please give it a quick review on reddit or StumbleUpon. Thanks!
Check out these other trending stories on Nanowerk:

Subscribe to a free copy of one of our daily
Nanowerk Newsletter Email Digests
with a compilation of all of the day's news.