6300 Zug, ch
+41 (41) 7272-105
OTI Greentech successfully completes expansion funding with Green Gateway Fund as lead investor
- OTI Greentech raises c. CHF 4 million (EUR 3.4 million) for long-term expansion
- Green Gateway Fund has committed total funding of CHF 7.2 million (EUR 6 million), second tranche planned to invest later this year
- Funds will be used to expand business mainly in North America, the Middle East and Russia
- Green Gateway to appoint a Non-Executive Director to the OTI Greentech Board of Directors
OTI Greentech Group AG, a leading provider of sustainable cleantech solutions successfully closed a round of expansion financing, raising a total of CHF 4 million (EUR 3.3 million). The funding was led by Wermuth Asset Management's Green Gateway Fund, which invests in best-in-class energy and resource efficiency growth companies throughout Europe. The funding marks a solid base for the long-term expansion plans of the company. In total, the financial commitment of Green Gateway Fund is CHF 7.2 million. The second tranche is expected in 2013
With the cleaning of tanks and ships, the remediation of oil-contaminated land or the separation and recycling of oil from waste streams, OTI Greentech covers a broad range of next generation applications for oil-related contamination and waste. OTI Greentech's awarded and patented EcoSOLUT(TM) products have been used by various international shipping, oil service and waste management companies. EcoSOLUT(TM) products are highperformance "green" chemicals, which reduce cleaning cycles and meet more advanced health, safety and environmental standards than traditional chemicals used in the industry. Demand for the products has increased significantly, requiring the company to expand its international distribution network as a matter of priority. The funds will be used to expand the business mainly in North America, the Middle East and Russia and to strengthen the company's intellectual property portfolio.
"We have seen strong interest from international investors in general. Completing the expansion funding was an important milestone for OTI Greentech. We are redefining standards in the industry in regards to efficiency, safety and sustainability. In the Oil and Energy sector our products show unique characteristics in treating waste streams from oil production, particularly with unconventional oil reservoirs such as oil sands and heavy oil", stated Stephan Rind, President of OTI Greentech AG. "We are also pleased by our new Lead Investor, the Green Gateway Fund. The fund's principals have vast experience in the energy and resource efficiency sector and a powerful network to support our business growth." The Green Gateway Fund will appoint one non-executive member to the Board of Directors of OTI Greentech Group.
Green Gateway Fund Partner Casper Heijsteeg said: "We are delighted to have completed our investment in OTI Greentech. We see substantial potential for the company's continued growth, and we believe we can support its expansion by investing new capital into the business, as well as by leveraging our own expertise and networks in this field and helping the company to access new growth markets, including Russia."
Mountain Partners AG advised OTI Greentech in respect of this funding round.
About the Green Gateway Fund
The Green Gateway Fund was launched in the presence of Germany's Chancellor Angela Merkel and Russia's then President Dmitry Medvedev as the Europe Tatarstan Cleantech Fund ("ETCF LP"). The aim of the Green Gateway Fund is to invest in international best -inclass energy and resource efficiency growth companies, with an additional unique selling point of actively helping portfolio companies to access the fast-growing Russian and CIS markets through the gateway of Tatarstan, where fund adviser Wermuth Asset Management has more than a decade of successful experience investing and doing business. The fund is operational, has hard commitments of €110m and is targeting a final closing size of €250m.
About Wermuth Asset Management
Wermuth Asset Management GmbH, founded in the late 1990's, is a German family investment firm that acts as an adviser on alternative and sustainable investments in Europe. WAM headquarters are located in Mainz, Germany with additional offices in Amsterdam, Moscow and Wiesbaden. WAM is the exclusive investment adviser to several funds and SPVs whose investors include high net worth individuals, family offices, funds of funds, banks, pension funds, endowments and sovereign wealth funds. WAM has attracted over $1bn into the Russian economy since it began operating in the region.
The use of information published here for personal information and editorial processing is generally free of charge. Please clarify any copyright issues with the stated publisher before further use. In the event of publication, please send a specimen copy to firstname.lastname@example.org.