EBRD Backs Energy-Saving Glass J-V

State-owned Russian technology company Rusnano is investing in a 295 million euro ($397 million) joint venture with Japan’s Nippon Sheet Glass and the European Bank for Reconstruction and Development (EBRD) to produce energy-saving glass, writes Reuters. The EBRD said it will contribute the equivalent of 35 million euros , which, according to state-owned Rusnano, will be around 11.8 billion roubles ($382.13 million), writes Reuters.

(Reuters) – State-owned Russian technology company Rusnano is investing in a 295 million euro ($397 million) joint venture with Japan’s Nippon Sheet Glass and the European Bank for Reconstruction and Development to produce energy-saving glass.

The EBRD said on Tuesday that local glass maker STiS will also join the project. Energy-saving glass insulates buildings during cold weather and also protects against overheating from sunlight.

The investors said in separate press releases that they plan to construct a new plant in suburbs of Moscow close to already operating Pilkington factory, a local brand of Nippon Sheet Glass.

The EBRD said it will contribute the equivalent of 35 million euros in the joint venture capital, which, according to state-owned Rusnano, will be around 11.8 billion roubles ($382.13 million). ($1 = 30.8794 Russian roubles) ($1 = 0.7425 euros) (Writing by Andrey Ostroukh, editing by Alfred Kueppers)