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April 16, 2019

Gazprom Neft, Gazprombank, RVC and VEB Innovations create a venture fund for the development of innovative energy technologies

"Gazprom Neft, Gazprombank, Russian Venture Company (RVC) and VEB Innovations established the New Industry Venture Fund. It will focus on investments in technology companies specializing in the development of new materials, technologies, products and services for the oil and gas industry, oil and gas chemistry and energy, including alternative ones.

"New Industry is being created to stimulate the promotion of high-tech products in the Russian market and to support innovative companies and startups, which are important for the development of the oil and gas industry, fuel and energy complex and Russian industry. The Fund's priorities will be the development of technologies for exploration, production, refining, transportation, distribution, use of hydrocarbons, energy transmission and storage, implementation of innovative solutions in the construction of industrial infrastructure, management of large projects, etc. The investment focus will also include resource and energy saving technologies, digital products, including industry technologies 4.0.

The initial target volume of the venture fund is 4 billion rubles. In the future, it may be increased by agreement of partners. The stated period of the Fund's activity is 7 years with possible extension by the decision of the participants. The Fund will be managed by a specially created investment partnership management company with an independent market team of professionals with experience in venture capital investments and technological expertise.

"The venture fund, which was formed at the initiative of Gazprom Neft, is aimed at supporting innovative companies. We are waiting for solutions that can change not only the oil and gas industry, but also other industries. As part of the project, we combine resources, technological, financial and management expertise with our partners - Gazprombank, RVC and VEB Innovations. The products created with the Fund's support will be involved in the implementation of our company's technological development strategy and will also become available to all market participants," said Vadim Yakovlev, First Deputy Director General of Gazprom Neft.

Gazprombank traditionally pays great attention to the development of high-tech companies and is one of the recognized leaders in working with oil and gas companies and industrial assets as a financial partner and creditor," said Alexander Stepanov, Deputy Chairman of Gazprombank's Management Board. - I am confident that by combining these components, the new fund will allow us and our partners to create a pool of promising companies and promote their dynamic development in the interests of strategically important industries for the country.

"New Industry is a unique example of a venture fund created by joint efforts of an industrial partner, the state bank and two development institutions. It is also the first corporate fund created within the framework of RVC's updated investment strategy last summer. We are ready to further scale up this experience, offering our corporate partners financial leverage and expertise in structuring and management of funds," said Deputy General Director - RVC Investment Director Alexey Basov.

"Participation of such major industry partners as Gazprom Neft and Gazprombank will provide the fund with a high level of expertise in the oil and gas industry. The work of the new structure will be aimed at financing new technologies that have commercial applications in both the oil industry and other industries, i.e., as a matter of fact, are end-to-end technologies, as well as digitalization in one of the most important industries. The fund will help to reduce dependence on foreign technologies and will also help export Russian developments, as this industry is global. We hope that our partnership within the framework of "New Industry" will allow us to test the format of interaction with major industrial players and financial institutions and to use this experience successfully in the future for the development of venture investments in other industries", - said Oleg Teplov, General Director of "VEB Innovations".

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