Quantron, the Germany and US-based hydrogen trucking manufacturer, has mandated a financial advisor with offices on both continents for a capital raise, according to two sources familiar with the matter.
Stifel is leading the process, seeking to raise up to EUR 200m, the sources said. The aim is to close the round by the end of the year with the milestone of a convertible note by summer.
ReSource first reported on the raise in November, noting that it implies a valuation of up to EUR 1bn.
Quantron in September closed on a EUR 50m Series A with NASDAQ-listed Ballard Power Systems and German machinery manufacturer Neuman & Esser as investors.
Looking forward to the company wants to work with a US strategic or private equity interest committed to hydrogen, the sources said.
Officials at Quantron and Stifel did not respond to requests for comment,
