By Andrei Skvarsky.
The Green Gateway Fund, a 110m-euro investment fund run by Germany’s Wermuth Asset Management, has acquired a minority stake in The Mobility House (TMH), a Germany-based provider of charging equipment for electric vehicles.
Wermuth’s statement that reported the deal did not disclose the size of the stake.
Wermuth, a firm with its headquarters in Mainz but most of its business in Russia, has also announced two top appointments for the Green Gateway Fund, where nearly all the money comes from the government of the Russian region of Tatarstan.
Russell Pullan, the founder and a former head of an energy fund at Nomura, and Benjamin Wilkening, an ex-consultant with New York-headquartered management consultancy McKinsey, became senior partners of the fund, which was originally called Europe Tatarstan CleanTech Fund.
The fund, launched in Hanover in July 2011 in the presence of German Chancellor Angela Merkel and then Russian president Dmitry Medvedev, has hard commitments of 110m euros, where 100m euros comes from the Tatarstan government, but has the target of boosting the amount to 250m euros.
Wermuth Asset Management is the exclusive adviser to the fund.