Plastic Logic secures new funding; 2nd-gen factory due by 2014

Plastic Logic is in the midst of securing a second round of funding, expected to reach $700m, as the company plans to open its Russian manufacturing plant in 2013 or 2014. The news includes the original RUSNANO investment from November 2010 – now revealed to be worth $150m – as well as $50m from an existing investor. The money will be used to produce a second-gen plastic-based epaper display, which Plastic Logic says are currently being qualified in its original Dresden factory.

The company still has to make up the final $400m, though is apparently confident that is possible in the interim period before the second factory opens its doors; it has already confirmed $100m in debt financing, partially guaranteed by RUSNANO. The exact nature of the new displays is yet to be announced, though Plastic Logic's original premise – that the panels were more durable than traditional e-ink screens, and could even be bent or flexed without damage – could still find a niche in the industry.

[via VentureBeat]