OTI Greentech Group AG, a Zug, Switzerland-based provider of sustainable cleantech solutions, raised about CHF4m (approximately €3.4m) in funding.
The round was led by Wermuth Asset Management’s Green Gateway Fund.
The funding, which is the first portion of a total funding of €6.0m with the second tranche is expected later in 2013, will be used to expand business mainly in North America, the Middle East and Russia, as well as to strengthen its intellectual property portfolio.
Led by Stephan Rind, President, OTI Greentech is a cleantech engineering group that 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.