Fastned starts limited issue of certificates of shares
And gets a listing at the new European stock exchange Nxchange
Amsterdam, April 14th, 2016. Fastned, that is building a European network of fast charging stations for electric cars, has started a limited issue of certificates of shares to finance new stations in The Netherlands and abroad. The issue will take place at the new pan-European stock exchange Nxchange that is launched today. The listing of Fastned at NPEX is suspended immediately. From today onwards all certificates of shares of Fastned will be listed at the Nxchange stock exchange. The issue consists of 650.000 new certificates of shares. The price range for issue is between 10 and 15 euro per certificate. Subscribing to the offer is is possible from April 14th to May 19th via the websites of Fastned and Nxchange.
Fastned is currently funded with 5.5 million euro in capital and 12.5 million euro in convertible loans. In addition, co-founder Bart Lubbers has guaranteed to cover operational costs until the end of 2018 with a 5 million loan facility via his holding company.
With this issue Fastned wants to raise new capital to finance the construction of new stations in the Netherlands and further expansion into Europe. Fastned has the ambition to operate a pan-European network of fast-charging stations by 2020 where cars of all brands can charge. By doing so Fastned is responding to the rapidly expanding number of electric cars on the road. Almost all major car manufacturers have announced electric cars with a range of 200km to 500km to be introduced in the next few years.
Fastned has decided to transfer its listing to Nxchange because this European stock exchange fits well with the European expansion plans of Fastned. Nxchange operates under license of the AFM as a regulated market (just like Euronext). The transition to a regulated stock exchange will allow more parties to invest in Fastned. Also, Fastned expects that it will become easier to raise capital and that the liquidity of its certificates of shares will increase.
Co-founder of Fastned Bart Lubbers: “Fastned wants to grow rapidly and this requires capital. The new stock exchange Nxchange is the right platform to get this done. The regulated character makes it possible for institutional investors to invest. That's great, because an investment in Fastned is an investment in sustainable infrastructure; exactly what many investors are looking for at this moment."
Nxchange director Marleen Evertsz: "We are pleased with Fastned as the first listing on Nxchange. We have developed this stock exchange exactly for this type of company that has a large community, ambitious growth plans, and seeking funding. Via Nxchange they can approach and develop their own community to raise capital, whereby Nxchange ensures that security and transparency are guaranteed in a regulated environment.”
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Fastned is a charging company that is building a European network of fast charging stations where fully electric vehicles can charge as fast as possible. The stations are located at high traffic locations along highways and in cities, where electric cars charge in an average of about 20 minutes. This will give drivers of fully electric vehicles the freedom to drive across Europe. As of today, Fastned has more than 105 stations operational in the Netherlands, Germany and the United Kingdom, and is working on expanding its fast charging network to the rest of Europe. Fastned is currently simultaneously building fast charging stations in the Netherlands, Germany and the United Kingdom, and preparing for building its first stations in other countries, with a focus on Belgium, Switzerland and France. More information: fastnedcharging.com.