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Switzerland-based OTI Greentech Group AG said it was able to raise €1.5 million or CHF 1.8 million for the first close of its second round of expansion financing. Green Gateway Fund, which led the OTI Greentech Group's growth funding in February last year, again led the round.

Green Gateway Fund invests in energy and resource efficient growth firms in west Europe. It holds hard commitments of €110 million and is aiming for a final closing amount of €250 million. Wermuth Asset Management GmbH advised the fund. Established in the late 1990s, Wermuth Asset Management is a family investment firm based in Mainz, Germany that advises funds on alternative and sustainable investments.

In a statement, OTI Greentech Group said that it also obtained commitments from new investors amounting to CHF 2.6 million for a second closing that is scheduled in the first quarter of this year. Proceeds from the latest round gives the Swiss cleantech company provides the solid basis for the company's plans for long-term growth. The statement said the funds will be utilized to expand the company's operations in North America and Europe, including Russia.

OTI Greentech provides a wide range of next-generation applications for contamination and waste related to oil. These include the cleaning of tanks, treating tailings from oil sands and oil reservoirs and separating and recycling oil from waste streams. The company's patented ECOSOLUT products are now used by companies involved in international shipping oil service and waste management. The products under the ECOSOLUT name have the ability to reduce cleaning cycles and meet advanced health, safety and environmental standards compared to traditional chemicals that the industry uses because of its high-performance "green chemicals."

In a statement, OTI Greentech AG President Stephen Rind said, "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.... Backed by the new financing we are also exploring first acquisition targets in Canada and Europe to support our growth in key markets."