Wermuth Leads Investors in OTI Greentech on Oil Recovery DemandSally Bakewell
Wermuth Asset Management GmbH’s Green Gateway Fund led investors in OTI Greentech Group AG to help the Swiss provider of oil recovery and waste treatment services expand in North America, Russia and the Middle East.
Green Gateway agreed to invest 7.2 million Swiss francs ($7.7 million) in two phases with the second due later this year, Wermuth, based in Mainz, Germany, said in a statement. OTI raised 4 million Swiss francs from investors with this financing round, according to the statement.
As nations seek to boost oil output from unconventional sources such as oil sands to curb imports, demand for technologies that efficiently recover or recycle the fuel is increasing, according to Zug-based OTI. The company also cleans up industrial machinery, tanks and oil spills.
Green Gateway, with 110 million euros ($144 million) in commitments and a 250 million-euro target, invests in energy and resource efficiency companies, according to the statement.