Russia’s LED traffic light market is expected to grow 300% to (EURO)100mn by 2015, Anatoly Chubais, head of Russian state nanotechnology corporation RusNano, said at the ceremonial signing of the agreement to establish a joint venture between Philips and the St. Petersburg-based Optogan.

The joint venture is to produce LED lamps and intelligent systems for street and road lighting at Optogan’s plant in St. Petersburg. The Russian company will hold 49% in the venture and Philips the remaining 51%.

The products will be also delivered to Belarus and Kazakhstan.