The Zetta company will launch a serial production of energy efficient electric engines for cars and elevators in Togliatti.
To support the project, the Fund for the Support of Single-Industry Cities issued a loan of RUR 49.5 mio ($750K) with an annual interest rate of 0%. The MSP Corporation, which provides assistance to small and medium sized businesses, provided a guarantee to the startup as part of the support program of high-tech companies.
Electric engines will be manufactured for cars, as well all as load and elevator winches. The total investment in the project is RUR 189 mio ($3 mio). The facility to manufacure electric cars and electric engines will be launched before the end of 2019. In 2022, the enterprise will manufacture up to 14K electric engines per year.
The agreement to allocate money was signed by the Fund for the Support of Single-Industry Cities at the St. Petersburg Economic Forum in early June this year.