The New Industry Ventures fund is being established to stimulate the promotion of high-tech products on the Russian market and to support innovative companies and start-ups crucial to the development of Russia’s oil and gas, fuel and energy and wider industries. The fund’s activities will prioritise developing technologies for the exploration, production, processing, transportation, distribution and utilisation of hydrocarbons, as well as energy transmission and storage, the implementation of innovative solutions for industrial infrastructure construction, management of major projects, and so on. Its investment focus will also include resource-management and energy-saving technologies, as well as digital products including Industry 4.0 technologies. New Industry Ventures has an initial funding target of RUB4 billion, which may be increased in the future, at the agreement of the parties. Its initial period of activity has been confirmed at seven years, again subject to potential extension by agreement of the parties. The fund will be managed by a specially created investment partnership management company, with an independent team of professional market players experienced in venture capital investments and specialising in technology.
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