Fastned strengthens balance sheet
Investment fund Breesaap converts loan into certificates of shares
Amsterdam, 29 June 2017. Investment fund Breesaap has decided to convert its entire loan to Fastned into certificates of shares as per 30 June 2017. The outstanding loan of 10.3 million euro will be converted to equity at a price of 10 euro per certificate. This significantly reduces Fastned’s debt and creates a positive equity position for the company. On top of this, investor Flowfund has decided to extend its convertible loan to Fastned of 2.5 million euro with two years until the end of 2020.
The conversion and renewal comes only weeks after Fastned's recent 7.7 million euro bond issue and equity investment of 1 million euro by investment fund Ballotta; with the option to expand to 2.5 million euro. Fastned will use the newly raised funds to expand its network of fast charging stations in the Netherlands, Germany, Belgium and the United Kingdom.
Director Bart Lubbers of Breesaap: "The transition to electric mobility contributes to the achievement of the Paris Agreement on climate change. Breesaap has ever more confidence in Fastned and the future of electric mobility. The reason for this conversion is the rapid growth of Fastned in terms of revenues, volume, and newly acquired locations. Also, the market is developing rapidly with the upcoming introductions of new fully electric models by Tesla, Nissan, Volkswagen, Jaguar and others in the fall of 2017 and beginning of 2018.
Note for the editor (not for publication):
Background information Fastned:
Fastned is building a European network of fast-charging stations where all electric cars can charge. The stations are located at high traffic locations along the highway and in cities, where electric cars can charge in 20 minutes. This will provide freedom for electric cars to drive everywhere throughout Europe. As of today, Fastned has 63 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.
Background information Breesaap
Breesaap is the investment company of the Lubbers family and participates in a number of companies with a focus on renewable energy, e-mobility, energy efficient real estate, and construction. The company does so by providing private equity and loans.
Background information Flowfund
Flowfund was founded by 'impact investor' Fred Matser. With this foundation, he invests in companies with the aim to support socially responsible and sustainable initiatives with promising business cases. Flowfund has been involved with Fastned since 2014.
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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 100 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.