Kaluga Venture Fund has concluded the first agreement to finance an innovativ

Kaluga region Venture Fund at the Second Obninsk Innovation Forum on Thursday concluded the first in it’s history agreement for funding of an innovative project, reports Interfax.

“The Volume of Regional Venture Fund investment in small enterprises in scientific and technical sphere of Kaluga region for today amounts to 280 million RUR, and we finally got a real opportunity to spend these funds, because originally a management company was poorly chosen" - said regional governor Anatoly Artamonov.

As the regional Ministry of Information Society and innovation reported, funding of 42 million RUR will be given to Obninskiy Zavod Termozaschitnih Materialov (Obninsk thermoprotective materials plant) to create in Kaluga a project of innovative energy-saving heat-shielding materials using ultralight inorganic filler of micron size. The plan is to be fully implemented by 2013.