{"id":14494,"date":"2025-01-07T13:00:15","date_gmt":"2025-01-07T12:00:15","guid":{"rendered":"https:\/\/dev.greenbenefit.com\/management-commentary-january-7-2025\/"},"modified":"2025-11-20T14:51:34","modified_gmt":"2025-11-20T13:51:34","slug":"management-commentary-january-7-2025","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-january-7-2025\/","title":{"rendered":"Management Commentary – January 7, 2025"},"content":{"rendered":"\n

General Development<\/strong><\/h2>\n\n

In December 2024, the fund price increased by 3.88%. After the markets had digested geopolitical influences and the impact of the US presidential election, the portfolio ended the month with a positive performance. This makes us confident for the start of the new year, as we are firmly convinced that the current valuation of our portfolio does not reflect its true value and instead offers promising recovery potential in the coming year. For full details on performance, please refer to our Factsheet<\/a>. <\/p>\n\n

Fund Performance<\/strong><\/p>\n\n

December’s performance shows a balanced picture<\/strong> In December, 16 holdings in our portfolio generated gains, while 12 holdings recorded losses. The largest contributions to gains came from Meyer Burger, followed by Jinko Solar, Plug Power, QuantumScape, thyssenkrupp nucera, and Ballard Power, representing all three main sectors. The largest losses resulted from positions in Wolfspeed, Canadian Solar, and DynaCert. At the end of 2024, the equity allocation in our portfolio was 96%. <\/p>\n\n

Company Examples<\/h2>\n\n

Meyer Burger<\/h3>\n\n

Meyer Burger secures important bridge financing<\/strong> Meyer Burger has successfully secured bridge financing of almost 40 million US dollars to finance the company’s restructuring. The funds, divided into several tranches, can be drawn upon reaching defined milestones. The goal is to fully secure business operations with these funds. <\/p>\n\n

D. E. Shaw Renewable Investments (DESRI), a leading player in renewable energy in the US, surprisingly terminated a framework agreement with Meyer Burger in November 2024, which originally provided for the purchase of a large part of the production. Meyer Burger is currently in talks with DESRI, bondholders, and other parties to establish a sustainable financial and capital structure. Part of the bridge financing is tied to a new agreement with DESRI. Franz Richter, Executive Chairman of Meyer Burger, emphasized: “We are determined to strengthen our relationship with DESRI. This would underscore the quality of our technology and our future potential in the US market. We look forward to ramping up our production lines in Goodyear and supplying high-performance modules to the solar power plant segment.” All parties involved are working on a new agreement to position Meyer Burger for the future. <\/p>\n\n

ITM Power<\/h3>\n\n

ITM Power exceeds its own expectations and secures major contract<\/strong> ITM Power has signed a contract for the delivery of three electrolyzer container systems with a total capacity of 15 MW to a German family-owned company. The NEPTUNE V, introduced in May this year, is particularly well-suited for medium-sized projects. It is based on ITM’s TRIDENT stack technology and represents a complete 5 MW electrolyzer system. This offers reliable, flexible, and highly efficient hydrogen production capacity while requiring the industry’s smallest footprint per MW. The electrolyzers are intended to supply hydrogen filling stations in Germany with green hydrogen. <\/p>\n\n

Dennis Schulz, CEO of ITM Power, commented: “We are increasingly establishing ourselves as a preferred partner for industrial companies and family businesses that value reliable, safe, and efficient systems. We are pleased that we were able to sign another NEPTUNE V contract within a few weeks. Customer interest continues to exceed our expectations.” <\/p>\n\n

Ballard Power<\/h3>\n\n

Ballard Power secures important orders from the bus and train industry<\/strong> Ballard Power Systems Inc. has received orders from two bus manufacturers for the supply of over 90 fuel cell engines with a total rated power of approximately 6.4 megawatts (MW) for the European city bus market. Additionally, a multi-year supply agreement was signed with Stadler U.S. for the delivery of eight megawatts of fuel cell engines for multiple-unit trains for the California Department of Transportation (Caltrans). The order with Stadler builds on over three years of collaboration, including the successful integration of Ballard fuel cell engines into the Flirt H2, which was demonstrated as the first hydrogen and fuel cell-powered passenger train approved by the Federal Railroad Administration in the US. The order supports Caltrans’ purchase of 10 Flirt H2 trains with an option for an additional 19 trains to strengthen the state’s zero-emission passenger rail capacity. <\/p>\n\n

Another follow-up order for fuel cell engines came from Canadian Pacific Kansas City (CP), one of North America’s largest railway companies. Ballard Power will supply CP with 98 fuel cell engines with a total output of approximately 20 megawatts next year. The order is part of a new long-term supply agreement between the two companies. <\/p>\n\n

The latest agreement builds on a partnership that began in 2021. To date, this cooperation, according to Ballard, has included the supply of fuel cell engines with a capacity of approximately 10 MW. The new order thus doubles the previous volume and underscores CP’s confidence in Ballard’s technology. For the Canadian fuel cell manufacturer, this means not only a boost in revenue but also a strengthening of its position in the important market for zero-emission rail freight. <\/p>\n\n

QuantumScape<\/h3>\n\n

QuantumScape achieves another milestone<\/strong> QuantumScape has begun producing small quantities of its first B-sample cells. A crucial step was the installation of the “Cobra” facility for manufacturing ceramic separators, which is now approved for larger-scale production. Starting in 2025, the cells are to be produced in gigawatt-hour quantities. <\/p>\n\n

The QSE-5 B-sample cell will be QuantumScape’s first commercial product, offering high energy density and fast charging times. The company has already begun production and delivery to automotive customers. The cells are considered a first success in the development of anode-free lithium-metal solid-state cells for the automotive sector. Although the technology is promising, QuantumScape points out that extensive product testing is still required to further improve reliability and productivity. <\/p>\n\n

Nano One<\/h3>\n\n

Nano One Study Highlights Major Cost Benefits of its Technology<\/strong>Nano One <\/strong>with its patented process for the cost-effective, low-greenhouse gas production of cathode active materials (CAM) for lithium-ion batteries, reported on progress regarding its strategic alliance with Worley Chemetics. A cost comparison confirmed the economic advantages of Nano One’s patented One-Pot process for Lithium Iron Phosphate (LFP). The comparative analysis showed that the One-Pot process could reduce invested capital costs by at least 30% and operating costs by up to 30%, while consuming up to 80% less energy than the conventional method. <\/p>\n","protected":false},"excerpt":{"rendered":"

The fund price gained 3.88% in December 2024. After the markets had digested geopolitical influences and the impact of the US presidential election, the portfolio ended the month with a positive performance. This makes us confident for the start of the new year, as we <\/p>\n","protected":false},"author":3,"featured_media":16739,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[88],"tags":[90],"class_list":["post-14494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-commentary-advisors","tag-2025-q1-en"],"_links":{"self":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/comments?post=14494"}],"version-history":[{"count":0,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/media\/16739"}],"wp:attachment":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/media?parent=14494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=14494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=14494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}