New Funding Source Launched in Russia
Tatarstan, a Republic of the Russian Federation, and Wermuth Asset Management GmbH launched the Tartarstan Clean Tech Fund in July. According to information released by WAM, it will be the first ever cleantech fund with a specific mandate to focus on the needs of the Russian Federation, in general, and Tatarstan, in particular.
The Fund will be seeded with €110 million ($157 million) by its founders and seeks to raise an additional €90 million to reach its target size of €200 million over the coming 18 months.
According to WAM, the TCT Fund will invest primarily into medium and small-size companies from Europe, particularly Germany, as well as the U.S., that have a proven record in clean technologies and are looking to expand their business. The fund will focus on a wide range of renewable and clean energy projects. Projects the fund already has earmarked for investment include those related to waste-to-energy processes and the growing and refining of biofuels.