Fastned raises 7.7 million euro to grow network
Bond subscription oversubscribed by a factor of two
Amsterdam, 7 June 2017. Fastned, the Dutch company that is rolling out a European network of fast charging stations where all electric cars can charge, has raised 7.7 million euro in just two weeks via a public issue of bonds. Initially, the issue was limited to 3.3 million euro, but due to the high demand the board of directors decided to extend the issue. In total 7.7 million euro worth of bonds were issued to more than 600 investors. The proceeds of this issue will be used to further expand the network of fast-charging stations in the Netherlands and in the rest of Europe.
Subscriptions to the issue was possible from Tuesday, May 23, 07:30hrs to Tuesday, June 6, 16:00hrs. The bonds pay out 6% interest per annum and have a maturity of 5 years. The interest is paid quarterly in arrears.
Bart Lubbers, co-founder of Fastned: "In every investment round, we see more and more people who invest bigger and bigger sums of money to support the sustainable mission of Fastned. These investors show true leadership in the required energy transition as set out in the Paris Climate Agreement. Together we build the green service stations of the future.”
Fastned is building a European network of fast charging stations and currently has 63 stations operational. Volume (kWhs) and revenues have grown at a pace of around 10% month-on-month for two years; significantly outpacing the market. The experience gained in the Netherlands provides a good basis for European expansion. Fastned recently won the tender for charging stations in London and has signed contracts for dozens of locations in Germany and Belgium.
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Fastned is building a European network of fast-charging stations where all electric cars can charge within 20 minutes. The stations are located at high traffic locations along the highways and in cities. This will give electric cars the freedom to drive across Europe. As of today, Fastned has 76 stations operational in The Netherlands and is working on expanding its fast charging network to the rest of Europe. Fastned is preparing the construction of fast charging stations in Germany, The United Kingdom and Belgium. Fastned is listed on the Nxchange stock exchange.
Fastned is rolling out its network of fast charging stations in response to the rapidly increasing numbers of EVs in Europe. Car manufacturers are investing billions of Euros in the development of, and production capacity for EVs. More and more EVs are hitting the roads, which drives the need for charging infrastructure. Fastned is responding to this development by building the service stations of the future.
For more information go to www.fastnedcharging.com.