Frank Zimmermann

Independent Board Member & CFO, M&A Executive, Cleantech & Energy Transition, Helping Growth-Stage Companies Get Acquisition-Ready

Greater Munich Metropolitan Area

About

I've spent 25+ years at the intersection of M&A, company building, and the energy transition — and I've done it from both sides of the table. Most recently, I served as CFO and Managing Director of Quest One (formerly H-TEC Systems), a leading hydrogen technology company. I joined when we were 5 people. Over seven years, we scaled to ~600 employees, raised more than €550 million in equity and strategic funding and executed a successful sale to Everllence (formerly MAN Energy Solutions). I led that entire process: from strategic positioning and governance readiness through to close. Before that, I spent nearly a decade on the buy side at Vodafone/Kabel Deutschland and Tele Columbus, executing a buy-and-build strategy consolidating 30+ companies across the German cable market. I know what acquirers look for, because I've been one. Today, I serve as an independent board member at Dynelectro, a next-generation SOEC electrolyser company, advising on the strategic dimensions of fundraising, commercialisation, and partnerships. I'm also working with EQT as a project advisor on a large-scale energy transition transaction. Through Wave Value, I invest in and support exceptional founders at the start-up and scale-up stage. My sweet spot: the critical juncture where growth-stage companies and corporate buyers meet. I help scaling companies get acquisition-ready by aligning strategy, governance, and financial reporting to maximise value. I also help corporate buyers think through what really matters when acquiring a fast-moving, entrepreneurial business so they don't inadvertently destroy the very thing they paid for. I'm always interested in conversations where that experience can add real value.

Experience

  • Board Member at Dynelectro
    Sep 2025 - Present · 10 mos

    Serving as an independent board member at Dynelectro, a Danish company developing next-generation SOEC electrolyser technology. Advising management on the strategic dimensions of fundraising, commercialisation, and partnership development — drawing on first-hand experience of scaling and positioning a technology company in the electrolyser space through to a successful exit.

  • Project Advisor at EQT Group
    Jan 2025 - Present · 1 yr 6 mos

    Advising EQT on a large-scale energy transition transaction, leveraging deep operational and transactional expertise to assess commercial and technical opportunities and risks in connection with potential acquisitions.

  • Founder & Managing Director at Wave Value GmbH
    Aug 2017 - Present · 8 yrs 11 mos

    Founded Wave Value as a vehicle for strategic investment and board-level engagement with exceptional founders at the start-up and scale-up stage — through both direct investments and indirect exposure via fund partnerships. Alongside the investment activity, I have taken on selected M&A advisory mandates, supporting founders and management teams in preparing and positioning their companies for strategic transactions.

  • H-TEC SYSTEMS (7 yrs 1 mo)
    • CFO
      Mar 2022 - Dec 2024 · 2 yrs 10 mos

      The defining chapter of my career. I joined Quest One as Managing Director when the company was in its earliest stage, and left seven years later as CFO having led its transformation into a recognised player in the global electrolyser market — culminating in a successful sale to Everllence (formerly MAN Energy Solutions), part of the Volkswagen AG ecosystem. As CFO (2022–2024): Assumed full executive responsibility across Finance, IT, Legal, and People & Culture. Shaped strategic positioning and the financing strategy alongside McKinsey, securing a substantial long-term funding commitment from MAN Energy Solutions, backed by Volkswagen AG. Led the full acquisition process — from preparation and governance readiness through to close.

    • Managing Director (CEO)
      Dec 2017 - Mar 2022 · 4 yrs 4 mos

      As Managing Director (2017–2022): Established the foundations for scale — building the organisation, securing early institutional funding including a strategic minority investment by MAN Energy Solutions, and driving initial commercialisation.

  • Industrial Advisor at EQT Group
    Aug 2017 - Aug 2018 · 1 yr 1 mo