RUSNANO Earns Profit and Leaves Project with Thermoelectric Component Manufacturer

16 October 2020

RUSNANO finished participation in its project with RMT Ltd, a Russian manufacturer of thermoelectric micromodules (TEMM). RUSNANO’s interest in this project was 39.48%, which earned it a profit in the scope of the purchase made by the technology company Ferrotec Holdings Corporation that acquired a 78.96% ownership in RMT Ltd. C-Group Capital Management MC also sold its 39.48% stake in RMT Ltd. Following this package transaction, the Russian thermoelectric component manufacturer will be a part of Ferrotec Europe GmbH, the corporation’s German subsidiary. 

Due to an agreement between the parties, the value assessment of the interest held by RUSNANO has not been disclosed. The transaction had already been previously approved by the Russian Federal Anti-Monopoly Service, and ratified by the Board of Directors at Ferrotec Holdings Corporation; it will be completely paid for in cash by the end of 2020.

In 2010, RUSNANO and C-Group Capital Management MC financed the creation of an automated commercial production facility for RMT thermoelectric cooling micromodules in Nizhniy Novgorod. The manufacturing facility has a capacity of 2 mln components per year. The project investment contributed by RUSNANO amounted to RUB 150 mln; this was part of a RUB 165 mln loan that was extended and then repaid on time. Exit proceeds (the IRR indicator) were above 17%. 

Sergey Vakhterov, Senior Managing Director of RUSNANO Management Company, stated: “The investment in RMT turned into another striking example of an innovative company that was first part of the RUSNANO portfolio and then went down the path from commercializing Russian-produced scientific developments and scaling up production, to successfully entering the global market. Currently, the size of this market exceeds $400 mln per year, and the areas of RMT’s products use are continuously expanding owing to the solutions developed for telecommunications equipment, and how the 5G market is taking shape. We are proud that a Russian manufacturer of thermoelectric modules was able to integrate into the global supply chain, which is confirmed by the merger with the technology leader Ferrotec.”

Over the time that RUSNANO participated in the RMT project, it grew into one of the largest manufacturers of high-quality thermoelectric components worldwide. The company’s share of the worldwide TEMM market is 16% due to the fact that it operates a complete manufacturing cycle, uses high quality materials, and can rapidly develop complex products. The chief consumers for its products are concentrated in the United States, Europe, South-East Asia, and other regions that have highly-developed manufacturing facilities for optical, micro, and nanoelectronics. Due to the industry’s geographic specifics, exports account for up to 96% of RMT’s revenues. The pool of clients is diverse, both in terms of the regions where they are present and their key industries. 

Thermoelectric micromodules are the main product manufactured by RMT Ltd, they are widely used in the refrigeration and temperature stabilization processes in optical, micro, and nanoelectronics. The particle size in the material that is used to manufacture the thermoelectric components ranges from 5 to 20 nanometers. TEMMs are based on the Peltier effect, which means absorption of heat at the point of contact (junction) between two dissimilar conductors when a current is passed through them. 

Over the short term, RMT Ltd plans to improve the technology used in the assembly process, and decrease the prime cost per good involved in the mass production of TEMMs, by automating the manufacturing process. The company’s latest development permits increasing the temperature during assembly, which will be a competitive advantage on the telecommunications market.

Nowadays, TEMMs are in great demand in the field of telecommunications: in 5G communication networks, for GPON broadband access, in data centres, and in microelectronics to manufacture both sensors and semiconductors. In the area of healthcare, TEMMs are part of wireless health monitoring system sensors and laboratory equipment. Products made by RMT Ltd are also used in the space industry, for example to help cool certain satellite components. 

Additional information


RUSNANO Joint-Stock Company was founded in March 2011 through reorganization of state corporation Russian Corporation of Nanotechnologies. JSC RUSNANO contributes to implementation of the state policy on the development of the nanotechnology industry by investing directly and through investment funds of nanotechnology in financially effective high-technology projects providing the development of new production facilities in the Russian Federation. Its primary investment focus is in electronics, optoelectronics and telecommunications, healthcare and biotechnology, metallurgy and metalwork, energy, mechanical engineering and instrument making, construction and industrial materials, chemicals and petrochemicals. 100 percent of RUSNANO’s shares are state owned. Thanks to RUSNANO’s investments, there are currently 115 factories and R&D Centers opened in 37 regions in Russia.

Management of assets of RUSNANO JSC is carried out by Limited Liability Company established in December 2013, RUSNANO Management Company. Anatoly Chubais is the Chairman of its Executive Board.

Work to establish nanotechnology infrastructure and carry out educational programs is fulfilled by RUSNANO’s Fund for Infrastructure and Educational Programs, which was also established during the reorganization of the Russian Corporation of Nanotechnologies.

* * *

Ferrotec Holdings Corporation is a global technology corporation, and is headquartered in Tokyo, Japan. It supplies various materials, components, and high-precision system solutions, and is a leader in electron beam deposition systems. The corporation’s technological areas of focus include manufacturing large thermoelectric modules and systems. 

For more information about the company, visit

* * *

C-Group Capital Management Management Company is a part of Severgroup, a large investment company that performs activity on managing assets for Aleksey Mordashov. The company is a trustee for property owned by C-Group Ventures closed-end fund, which is involved in especially risky (venture) investments and was created with the participation of the capital of the Russian Venture Company. It was created on March 27, 2008.