OTI Greentech Group AG said Wednesday that it has closed $1.5 million in euros. Green Gateway Fund led the round. Based in Switzerland, OTI Greentech Group is a cleantech engineering company.
Zug and Frankfurt am Main, 15 January 2014
OTI Greentech Group AG, a leading provider of sustainable cleantech solutions successfully arranged the first closing of a second round of expansion financing, raising a total of CHF 1.8m (€1.5m). The funding was again led by the Green Gateway Fund, advised by Wermuth Asset Management GmbH, which already led the growth funding in February 2013. The company has received further commitments of CHF 2.6m from new investors for a second closing in the first quarter of 2014. The funding provides a solid basis for the long-term expansion plans of the company.
OTI Greentech covers a broad range of next-generation applications for oil-related contamination and waste: the cleaning of tanks, trucks and ships, the treatment of tailings from oil sands and heavy oil reservoirs and the separation and recycling of oil from waste streams. OTI Greentech’s patented ECOSOLUT products have been increasingly used by various international shipping, oil service and waste management companies. ECOSOLUT products are high-performance “green” chemicals which reduce cleaning cycles and meet more advanced health, safety and environmental standards than most traditional chemicals used in the industry. Throughout 2013 new oilfield products for well stimulation and enhanced oil recovery (EOR) have been developed and applied. Demand for the products has increased significantly, requiring the company to expand its international distribution network and production capabilities as a matter of priority. The funds will be used to expand the business mainly in North America and Europe, including Russia.
“The first closing of the second round of expansion funding was again an important milestone for OTI Greentech. As indicated in February 2013 the Green Gateway Fund as well as the major shareholders supported this round of financing. “We are redefining standards in the industry with regard to efficiency, safety and sustainability. In addition to cleaning and waste treatment of oil we have identified new applications for our products in well stimulation and enhanced oil recovery (EOR)”, stated Stephan Rind, President of OTI Greentech AG. “Backed by the new financing we are also exploring first acquisition targets in Canada and Europe to support our growth in key markets.”
About OTI Greentech AG
OTI Greentech is an internationally leading cleantech engineering group based in Switzerland. The company provides environmentally friendly solutions and a patented technology for cleaning, recovery and disposal of oil in a wide variety of applications. This includes the cleaning of tanks, ships and industrial machinery, oil recovery from waste streams and a variety of oil field solutions to enhance oil recovery from conventional and unconventional deposits.
About the Green Gateway Fund
The aim of the Green Gateway Fund is to invest in west European energy and resource efficiency growth companies, helping portfolio companies to access the fast-growing East European markets through the gateway of Kazan. The fund adviser, Wermuth Asset Management GmbH, has more than a decade of successful experience of investing and doing business in Eastern Europe. The fund has hard commitments of €110m and is targeting a final closing size o €250m. Since its inception GGF closed four deals by investing in The Mobility House, a fast growing e-mobility solutions provider, Aquarion Group, a leading provider of advanced water solutions to the oil & gas industry, the energy sector and other process industries, Primekss, an advanced concrete specialist, and OTI Greentech, a leading provider of sustainable cleantech solutions. http://www.wermutham.com/fund-strategies/private-investments/green-gateway-fund.aspx
About Wermuth Asset Management GmbH
Wermuth Asset Management GmbH (WAM), founded in the late 1990’s, is a German family investment firm that acts as an adviser on alternative and sustainable investments, supervised by BAFIN. WAM headquarters are in Mainz, Germany, with additional offices in Moscow and staff working from Amsterdam. WAM is the exclusive investment adviser to several funds and SPVs whose investors include wealthy persons, family offices, funds of funds, banks, pension funds, endowments and sovereign wealth funds. WAM has overseen investments exceeding $1bn at peak. It is committed to impact investing, in particular to a profitable move towards a sustainable economic model and doing business in an ethical fashion. www.wermutham.com