Quantron, a German developer of electric and hydrogen commercial vehicles, closed a EUR 50 million (USD 49.8 million) Series A funding round co-led by German machinery and equipment manufacturer Neuman & Esser and hydrogen fuel cell pioneer Ballard Power Systems. This brings the company’s total funding to USD 55.9 million.

The proceeds of the new funding round will be used to scale up the development of fuel cell electric vehicles (FCEV) and battery-electric vehicles (BEV) with a focus on heavy-duty trucks. Furthermore, the company’s Quantron-as-a-service (QaaS) platform and Quantron’s partner network will be expanded with the funds raised. 

Quantron’s valuation now stands at EUR 250 million (USD 249 million), while Neuman & Esser acquired a minority stake and an option for further investment. Ballard Power also acquired a minority stake in Quantron, followed by the financing round. Ballard Power will enter into a joint development agreement with Quantron to develop four fuel cell vehicles over the next 12 months. 

The companies also plan to establish a Hydrogen Alliance to provide customers with a 360-degree hydrogen platform. This involves hydrogen infrastructure, ranging from hydrogen generation to refueling.

Analyst QuickTake: In September 2021 , Quantron partnered with Ballard Power to develop FCEVs. The new joint development agreement announced between the two companies scaled up their previously announced partnership. Ballard Power plans to serve as Quantron’s fuel cell provider for fuel cell trucks.