The Board of Directors of RUSNANO has approved the company’s participation in two new investment projects with a total budget of over $628m, including the company’s contribution of $107m, news agency RIA Novosti reports citing RUSNANO.

Under the first project, a complex to produce equipment for functional coating with innovation technology of applying nano-composites and solutions, as well as consumable materials for this equipment. “The new technology, similar to ink-jet printing in its simplicity, comes from the sol gel methods,” the company’s press-release said.

The technology is used in production of nano-emission glass, phototransducting elements for solar batteries and coatings for displays and semiconducting devices.

Under the second project, production of metallurgical magnesium and precipitated silicon dioxide are to be combined in one production cycle. The project company is the Russian Magnesium.

Precipitated silicon dioxide is used as a chemical active filling in auto tyres, shoes and rubber goods, glue, paper, coatings, as well as medicine and cosmetology.

Metal magnesium is in demand in car manufacturing, air and space industry, electronics and metallurgy. The new production complex will lower dependence of Russian companies on imported raw materials.

“The Russian Magnesium’s project has been under consideration in RUSNANO for over two years. The project is not simple, but very attractive to investors and extremely importance for the country’s economy. Total project budget, including investment, already made, is $518m, including RUSNANO’s contribution into the Russian Magnesium’s charter capital,” a source in RUSNANO told RIA Novosti.

According to the source, another co-investors in the project are the corporation East Siberian Metals, a subsidiary of Metropol group of companies, and an as-yet-unnamed bank, that will provide a loan finance.