Profotek JSC - RUSNANO portfolio company attracted 300 million rubles of VEB Ventures investments

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RUSNANO 27 January 2022 19:07

VEB Ventures Venture Fund (VEB Group.The Russian Federation) invested 300 million rubles in Profotek JSC, a portfolio company of RUSNANO, which is a developer of innovative current transformers for the electric power industry based on unique electron-optical technologies. The financing will be aimed primarily at scaling up sales in Russia and international markets, increasing production capacity, expanding the product line, further R&D and marketing.

The funds of the new investor will be directed to the development of the company "Profotek".

Within a few years, this investment can bring multiple profits, which will be provided, among other things, by the dynamic growth of segments of the global digital technology market in the energy sector, in which the company operates. And for the Russian market — renovation of substations at energy enterprises, which is laid down in the departmental project "Digital Energy".

Since 2010, Profotek has been developing, testing and manufacturing innovative fiber-optic current and voltage measurement systems for the electric power industry based on unique electron-optical technologies. The company is one of the four players in this segment on the global market and has no analogues in Russia. Manufacturers of traditional transformers are not included in this segment, as they do not have sufficient competencies in electronics.

Profotek JSC plans to take part in the process of digital transformation of the domestic energy sector. The company's products will partially replace outdated analog transformers, which are inconvenient and dangerous to operate and do not ensure the accuracy of measurements in critical areas.

Solutions based on innovative electron-optical technologies provide high measurement accuracy, stable operation in a wide temperature range. Digital measuring transformers outperform traditional ones due to the absence of magnetic saturation, stable operation in conditions of short-circuit currents and other parameters. In addition, they do not require regular maintenance, are 30% cheaper to operate and are able to analyze the condition of the lines.

"The global volume of the digital technology market in the energy sector is estimated at $53 billion. and forecasts for the coming years indicate a gradual increase to $64 billion. In Russia, this market is still developing, the trend of digital transformation of production is certainly present. In particular, the implementation of the departmental project "Digital Energy" will have a significant impact on the growth of the sector. In Russia, more than 11 thousand substations are operating at energy enterprises, more than 10% are undergoing renovation. We expect that Profotek will be able to cover 4.25% of this volume, that is, 50 substations. That's about 480 devices per year. Digital transformers are fireproof and environmentally friendly. They do not use toxic and combustible substances. We consider it profitable to invest in a team with strong R&D, which was the first in the Russian market to create such a product and successfully export it," Oleg Teplov, CEO of VEB Ventures, assesses the prospects of Profotek.

"The technological solution developed by Profotek is among the top three in the world, which has been proven by various international laboratory tests and industrial operation at electric power facilities in different countries. The experience gained allows us to say with confidence that the proposed solution fully meets all the requirements of the SmartGrid concept in Russia and the world," said Sergey Vakhterov, Senior Managing Director of RUSNANO Management Company.

Optical electronic current and voltage transformers of Profotek company are recognized by the market as a key type of equipment for several strategic directions of electric power industry development.

Compared to foreign companies, Profotech has a price and technological advantage in the Russian digital energy market. In addition, one of the requirements of large government customers is the localization of production.

"The market for integrated automation systems in the energy sector in Russia is about 60-70 billion rubles. We plan to receive more than 40% of the revenue through the implementation of integrated solutions, including electro-optical current and voltage transformers. The company's products are the primary link of digital accounting in the architecture of building a "Digital Substation". We expect an increase in demand as the Digital Transformation 2030 roadmap is implemented, which we will be able to meet after expanding production capacities. Today our company is at the stage of growth and the entry of a strong institutional investor will allow us not only to prepare for active sales, but also to scale the business correctly with minimal bureaucratic difficulties. Therefore, we expect a long and productive cooperation," comments Oleg Rudakov, CEO of Profotek JSC.

Among the key clients of Profotek are Rusal, Norilsk Nickel, Transneft and many others. Successful partnership with international companies CONDIS, SwissGrid, KEMA, EDF, Terna, FinGrid, HydroQuebec is underway. The manufacturer's equipment is supplied to the MIT laboratory (USA). In 2021, the company expanded its product line and was certified by one of the largest electric grid companies in the world. Profotek solutions are used in the energy industry, in energy-intensive industrial production, as well as for high-precision laboratory and reference measurements.

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VEB Ventures is a company of the VEB Group.RF", created to support high-tech projects through direct transactions and management of venture funds. VEB Ventures' priorities include financing promising companies with its own funds, private and public funds, as well as assistance to Russian startups in entering international markets. The company offers projects not only venture investments, but also operational management support tools, as well as access to financial products of the VEB.RF Group companies. This makes it possible to form support schemes for Russian innovative companies taking into account their individual needs, including to facilitate entry into international markets.

Profotek is a Russian developer and supplier of innovative current and voltage transformers for the electric power industry based on unique electron-optical technologies. The company's products have no analogues in the Russian market and are successfully used at foreign enterprises. The high scientific and technological competence of the project team and its own unique patented developments and know-how allow the company to successfully compete in the global market. Profotek has implemented more than 40 international projects.

The RUSNANO Group includes the RUSNANO Joint Stock Company, the RUSNANO Management Company Limited Liability Company and the Fund for Infrastructure and Educational Programs. Thanks to the investments of the RUSNANO Group, 138 enterprises and R&D centers operate in 37 regions of Russia.

Learn more — www.rusnano.com


Please note that this press release is based on materials provided by the company. AK&M Information Agency shall not be held liable for its contents, nor for the legal and other consequences of its publication.