OTI Greentech successfully completes expansion funding

OTI 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.

“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.”

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.