Stavropol, Russia, June 22, 2016 – Monocrystal, a leading supplier of synthetic sapphire and PV metallization pastes to the world market, signed a Memorandum of Cooperation with the Russian state corporation Bank for Development and Foreign Economic Affairs VEB during the St. Petersburg International Economic Forum 2016. The document implies VEB’s investment in the significant expansion of Monocrystal’s production capacity.
“It was extremely challenging to become a global leader in such a highly competitive industry as sapphire components for electronics. We are convinced that our cooperation with VEB and other state business support programs will contribute to our success on global markets and help us enlarge market share”, Monocrystal’s CEO Oleg Kachalov commented.
The Official Internet Resource of the President of Russia Vladimir Putin gave highlights of the results of the Development Award Ceremony, which was held by VEB during the St. Petersburg International Economic Forum 2016. Monocrystal was honored as “The Best Export Project”. For the past 10 years, the Company has invested more than US$220 million in the production capacity and technology development.
Monocrystal, a part of diversified industrial holding Energomera, is a leading supplier of sapphire products for LED and metallization pastes for solar industries. According to the company’s estimates, in 2015 every 4th LED, every 2nd smartphone that contains sapphire components and every 10th solar module worldwide was made with Monocrystal products. The company’s product portfolio includes large diameter sapphire substrates and cores for LED, bricks and cores for consumer electronics, optical windows and screen printing pastes for silicon wafer solar cells. The company exports more than 98% of its products to more than 25 countries worldwide. For more information, please visit http://www.monocrystal.com/
VEB (Vnesheconombank) is a state corporation performing functions of the Bank for Development. Their assets are around 66 billions USD. It operates to diversify the Russian economy, boost its competitive edge and encourage the inflow of investments. The Bank for Development is responsible for providing investment, foreign economic, insurance and consultative support for projects in Russia and abroad aimed at developing infrastructure, innovations, special economic zones, environment protection, providing support for exports of Russian products, works and services. For more information, please visit http://www.veb.ru/en/
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