DGAP-News: OTI Greentech successfully completes expansion funding with Green Gateway Fund as lead investor
(firmenpresse) - DGAP-News: OTI Greentech AG / Key word(s): Capital Increase
OTI Greentech successfully completes expansion funding with Green
Gateway Fund as lead investor
21.02.2013 / 10:07
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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
Zug, Frankfurt am Main, 21 February 2013. 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
high-performance '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 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 sludge, soil remediation
and the processing and extraction of oil from conventional and
unconventional deposits.
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-in-class 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 EUR110m
and is targeting a final closing size of EUR250m.
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.
Contacts
OTI GREENTECH AG
Myriam Ruttmann
Marketing&Communications
Seestrasse 5 Seestrasse 5
CH - 6300 Zug
Tel: +41 41 727 21 05
Email: m.ruttmann(at)oti.ag
www.oti.ag
Wermuth Asset Managament
Anna Yarmarkova
M: Communications
Tel: +7 (495) 363 28 42
Mob: +7 926 204 7657
Email: Yarmarkova(at)mcomgroup.com
www.wermutham.com
End of Corporate News
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