General Development

In June 2025, the fund price rose by 11.73 percent, thus recovering significantly from the previous year’s lows in April. In the short term, political developments in the USA weighed on sentiment: The discussion about a new tax law, which is currently being drafted, caused uncertainty – especially in the solar and hydrogen sectors. The potential abolition of central support measures temporarily led to increased market volatility, but could not stop the overall positive monthly trend. Please refer to our fact sheet for complete performance details.

Rather, the strong performance was due to numerous encouraging impulses at the company level. Many portfolio companies impressed with progress in order situation, financial stabilization or technological development. These developments increasingly gave the portfolio tailwind over the course of the month. As in the past – for example, in 2019 – it is once again evident that substantially positive corporate news can override the market environment when external disruptive factors lose importance.

In addition, the pressure from previously dominant geopolitical tensions in the Middle East noticeably eased: The conflict between Iran and Israel calmed down after twelve days of intense conflict due to an agreed ceasefire. This relaxation also contributed to the stabilization of the market environment.

Fund Performance

The development in June shows a clear picture
In June, eighteen of our portfolio values recorded gains, while ten values recorded temporary declines. The largest positive contributions came from ITM Power, QuantumScape, Plug Power, Ceres Power, Jinko Solar, Canadian Solar and Hexagon Purus.

The largest individual losses were recorded by Voltabox, Novonix, PowerCell Sweden and DynaCert. At the end of June, the equity ratio of our portfolio was 95 percent. In addition, we recorded a net inflow of funds of around 200,000 euros in June – a sign of confidence from our investors that strengthens us in our strategic orientation.

Sale and targeted purchases
In the course of June, we used the significant price increases at ITM Power for sales and reduced the position accordingly. We consistently used the funds released to expand existing engagements. The focus was on: Canadian Solar, SMA Solar, First Solar, Ceres Power, the Elia Group and QuantumScape.

Company Examples

QuantumScape

Further milestone at QuantumScape in solid-state battery technology
QuantumScape has achieved a significant technological advance that puts the company in a promising position in the field of solid-state batteries. The newly developed Cobra separator achieved a central breakthrough in manufacturing technology: The process enables 25 times faster heat treatment with significantly reduced space requirements. This addresses central challenges of the industry – in particular scalability and cost efficiency.

This progress not only strengthens industrial feasibility, but also accelerates the commercialization of the technology, especially since QuantumScape, through its partnership with PowerCo, Volkswagen’s battery division, has direct access to mass production via the established automotive supply chain. The combination of technological innovation, industrial scalability and strategic partnerships creates an advantageous environment to assert itself in a rapidly growing market.

QuantumScape’s solid-state technology offers significant advantages compared to conventional lithium-ion batteries: longer ranges, shorter charging times, improved safety and longer service life. This means that QuantumScape is strategically well positioned to benefit from the structural changes in the battery industry – especially with a view to the next two years.

PowerCell Sweden

PowerCell Sweden with important order from Hitachi
PowerCell Sweden has also reached a significant milestone: The company received its first commercial order to supply hydrogen fuel cell systems for Hitachi Energy’s new Hyflex platform. This platform was specifically developed to replace diesel generators in off-grid regions and offers a clean, quiet and scalable hydrogen-based power supply.

The strategic partnership between PowerCell and Hitachi Energy began in 2021 and has since continued to develop. After successful demonstration and application trials, this order now marks an important turning point. As a global leader in grid infrastructure, Hitachi Energy brings not only technological expertise, but also a large industrial network – a crucial factor for the successful market launch of the Hyflex platform. The order underlines the increasing relevance of PowerCell in the field of industrial hydrogen applications and the ability to successfully scale in a demanding customer environment.

thyssenkrupp nucera

thyssenkrupp nucera receives new major order in Saudi Arabia
thyssenkrupp nucera has been commissioned by the Chemical Marketing and Distribution Company (CMDC) to implement the next expansion stage of a chlorine-alkali production plant in Jubail Industrial City, Saudi Arabia. The order volume is around 15 million euros and includes the supply of equipment, spare parts and engineering services. The latest generation of energy-efficient BM2.7 membrane technology is used, which impresses with optimized energy efficiency and improved overall plant performance. The cooperation with BCI dates back to 2013 and underlines the strong and long-standing partnership between the two companies.

With this order, thyssenkrupp nucera strengthens its position as a leading supplier in the field of electrolysis technology for green hydrogen and chlorine-alkali applications. BCI’s renewed decision for thyssenkrupp nucera’s technology is a clear signal of its quality and sustainability – especially in the context of industrial decarbonization in the Middle East.

For our portfolio, thyssenkrupp nucera is an important component in the hydrogen sector and underlines the broad technological diversification of our approach. The various electrolyzer technologies of our portfolio companies – including the proven chlorine-alkali technology from thyssenkrupp nucera – impressively show that they are not only technologically leading, but also economically viable and competitive in everyday industrial use.