Handelsbanken's Hållbar Energi Fund Sees Recovery Driven by AI and Fossil Gas
After a challenging period, Handelsbanken's Hållbar Energi fund has rebounded, primarily due to demand from AI data centers and fossil gas reliance. Bloom Energy, the fund's second-largest holding, has surged 523% in the past year, highlighting the industry's shift towards energy solutions that meet growing electrification needs.
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The Handelsbanken Hållbar Energi fund has increased by 66% since last year's lowest point, driven largely by investments in companies like Bloom Energy, which has risen 523% in one year. The fund, once the largest green transition fund globally, managed over 30 billion SEK in early 2021 but faced challenges as political decisions lagged behind market expectations, leading to a significant drop in investors from 120,000 to 66,000.
Despite the fund's recovery, the reliance on fossil gas for Bloom Energy's fuel cells raises concerns about sustainability. However, the overall demand for energy solutions remains strong, with investments in solar and wind power also contributing to the fund's performance.
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