As a result of the agreement, each party – DowAksa, HCC and FIEP – will own one third of NCC’s total charter capital.
The NCC provides an innovation and engineering platform for start-up companies in the production of polymer composite materials for industrial sectors, such as construction, energy and automotive, which are stimulating strong global demand for high-strength, light-weight product solutions. The NCC stimulates the growth of nanotechnology in Russia by providing R&D, engineering, scale-up and pilot manufacturing support to Russian companies by state-sponsoring R&D projects, investing into startups in seed and venture phases, or renting space and equipment.
Heinz Haller, Dow's Executive Vice President, Chief Commercial Officer, and President for Europe, Middle East and Africa, as well as Chairman of the DowAksa Board of Directors; Anatoly Chubais, RUSNANO CEO and Chairman of the Executive Board; Mehmet Ali Berkman, DowAksa Deputy Chairman and Aksa Chairman of the Board; and Leonid Melamed, CEO of Holding Company Composite; signed the agreement during the World Economic Forum in Davos, Switzerland.
The companies say that this agreement is another important milestone in the parties' cooperation, emphasising the intentions outlined in the memorandum of understanding which was signed at the 2013 World Economic Forum and in the terms of investments agreement signed at the Composites without Borders Conference in November of last year.
