Alcoa (NYSE:AA) President and CEO Klaus Kleinfeld and RUSNANO CEO Anatoly Chubais have signed a Memorandum of Understanding to explore opportunities for applying nanotechnology in the aluminum industry. The two companies have identified several promising technical and commercial fields to begin pursuing together. These include off-shore oil and gas drilling systems, high-efficiency power transmission, next-generation lighting, energy-efficient buildings and transportation systems and green packaging.
The signing took place during a visit by a RUSNANO delegation to Alcoa's New York headquarters and the Alcoa Technical Center in Pittsburgh, Pennsylvania.
Commenting on the results of the visit, Klaus Kleinfeld, Alcoa President and CEO, said: "This partnership with RUSNANO offers great promise for Alcoa and the entire aluminum industry. Building on our existing investment and presence in Russia, we are proud to be a partner of the leading Russian nanotechnology institution."
Alcoa has been present in Russia since 1993. In 2005, the company purchased two leading aluminum fabricating facilities Alcoa SMZ (formerly the Samara metallurgical plant) and Alcoa Metallurg Rus (formerly Belaya Kalitva metallurgical production plant.). Alcoa has modernized the facilities, investing more than $750 million in upgrades. Together with RUSNANO, Alcoa continues that modernization with the new development of cutting-edge, advanced technologies for aluminum production in Russia. The Company anticipates the partnership will not only contribute to the increase in the aluminum products consumption in the country, but will also assist in diversifying and innovating the Russian economy.
RUSNANO CEO Anatoly Chubais stated: "Having been established in 2007, our Corporation has occupied a very active position in working with the world's leading companies and scientific institutions on developing and localizing the nanotechnologies in Russia. We work in cooperation with the most renowned Russian scientists and experts to identify and commercialize the innovative technologies that will take the Russian economy to the next level of development. I am confident that the Memorandum of Understanding that we signed with Alcoa, one of the global leaders in the production of aluminum and aluminum products, is a first step on the road to a very beneficial joint cooperation that will heavily rely on both parties' expansive knowledge and expertise. With Alcoa, we are looking forward to the implementation of the concrete projects of bringing nanotechnologies' advantage for the creation of the new generation aluminum products for the Russian and export markets."