Bloomberg News

Wermuth Fund Buys Into Electric-Car Service Provider in Germany

February 15, 2013

Wermuth Asset Management GmbH’s Green Gateway Fund bought a stake in German electric-car services company The Mobility House to tap rising demand for cleaner vehicles in Europe.

Green Gateway, which helps companies market their technologies in eastern Europe, will hold a minority share, Wermuth senior fund partner Casper Heijsteeg said today by phone. Green Gateway’s investments are typically 5 million euros ($6.7 million) to 25 million euros, according to Wermuth.

Wermuth, based in Mainz, Germany, is investing in electric- car services as European governments promote low-emissions transport. There were 114,000 electric vehicles sold globally in 2012, according to preliminary estimates from Bloomberg New Energy Finance. That compares with about 51,000 sold a year earlier, data from the London-based researcher show.

Mobility House, based in Munich, provides charging equipment and energy-management services for electric vehicles to homes and businesses. It has partnerships with companies including Bayerische Motoren Werke AG to supply charging points and maintenance to owners of BMW electric cars.

“There’s a very clear trend towards electric mobility in Europe and in our view this is the leading company in this environment,” Heijsteeg said. “That’s why we want to invest in them right now and not wait several years before it becomes a mature market.”

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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