OTI Greentech Group AG said it raised about $4.4 million in a deal led by Wermuth Asset Management’s Green Gateway Fund, also known as the Europe Tatarstan Cleantech Fund. The funding is the first tranche in a commitment that will grow to about $7.7 million. The second tranche is expected later in 2013.
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The Green Gateway Fund, also known as the Europe-Tatarstan Cleantech Fund and which is managed by Wermuth Asset Management, made its first investment by taking a minority stake in The Mobility House. The company is focused on home charging systems market for electric cars. No terms were disclosed.
First it was Bessemer Venture Partners and Cisco Systems signing on. Now Wermuth Asset Management says it signed a memorandum of understanding to become a venture partner of the Skolkovo Foundation. Under the agreement, Wermuth will consider investing in projects approved for financing by the Skolkovo Foundation, the non-profit foundation established by the Russian government [...]
Cleantech is out of favor. Sure, Nuventix just raised another $6.9 million, and Accel this week put $6.7 million into Vigilent, with the help of several angels. But even as startups such as BrightSource Energy appear to press ahead with IPOs, Enphase Energy this morning cut the expected price of its offering to between $6 and $7 a share.