Portfolio selection

Germany’s commitment to the Energiewende (energy turnaround) after the Fukushima disaster is an ambitious plan to shift from nuclear and fossil fuels to renewables. However, feeding renewable energy sources such as wind and solar into the power grid is cumbersome because these energy sources are not continuous. In order to guarantee a reliable and inexpensive energy supply in the future, new solutions are required. Entelios is Germany’s first Demand Response aggregator and an energy management solution provider for the industrial, commercial, and institutional sectors.

Entelios was bought by EnerNOC in February 2014. Read more about this on the EnerNOC Website or at Ecosummit

Penumbra (NYSE:PEN), a medical device company, develops and manufactures innovative and minimally invasive medical devices for patients who are suffering from strokes and various neurovascular diseases. The company offers The Penumbra System, a package of tools that is used by neuro interventional specialists to remove clots from the large vessels of the brain that are causing a stroke; and The Neuron 6F, an intracranial access system that allows higher placement in the neuroanatomy to provide robust anatomical support via enhanced catheter to vessel wall engagement. It has sales operations in the United States, Europe, and Asia. The company was founded in 2004 and is headquartered in Alameda, California. Penumbra had a very successful IPO on the New York Stock Exchange in September 2015.

ZONARE Medical Systems develops, manufactures, and commercializes compact ultrasound systems that are used for diagnostic imaging in a range of clinical applications and settings. Its product platform, the z.one ultrasound system, is based on its unique data acquisition and image formation technology, Zone Sonography. Zone Sonography technology enables customers to maintain an ultrasound system, and add new clinical applications and advanced image processing capabilities.
AQAL Investing has exited its investment in ZONARE.

CONJECT is a leading supplier of domain specific software for public and private owners, project and program managers, consultants, engineers and contractors, subcontractors and service providers from sectors such as real estate, infrastructure, finance, engineering, energy, retail and utilities. Their principal aim is the creation of sustainable buildings that are economically efficient, environmentally friendly and resource efficient. They are comfortable and healthy for users and blend perfectly within their socio-cultural environment. Sustainable buildings retain their high value over time for all stakeholders including investors, owners, and users. Conject was sold to Aconex in March 2016 for € 65 million (see articles in Gründerszene March 17, 2016 and March 29, 2016).