German insurance group Gothaer is injecting EUR 10 million (USD 9.89m) into Cologne-based sustainable energy technology provider Wegatech Greenergy GmbH as part of strategic cooperation.
With the investment, Gothaer will acquire an equity stake in the business and will be entitled to appoint two representatives on Wegatech's advisory board, the two companies said in a joint statement on Tuesday.
Founded in 2010, Wegatech installs solar panels, energy storage systems and heat pumps for both private customers and businesses. Since 2011, the business has implemented more than 2,800 projects, which have generated a total of 47.8 million kWh of clean energy.
The partnership with Wegatech will help the Cologne-based insurance group expand its 500-50-5 initiative that is meant to support 500 medium-sized companies to reduce their carbon dioxide emissions by 50% over the next five years. Gothaer's business clients in this segment will receive an initial free assessment of the necessary investment in energy-related measures within minutes.
On its part, Wegatech will spend the fresh capital on two strategic goals -- the expansion of its business-to-business segment and the energy-as-a-service offer for private customers.
(EUR 1 = USD 0.989)
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