Investing in the future: Fastned raises €12.3m to expand electric car charging network

Fastned has in just 10 days managed to raise €12.3 million to aid expansion of their electric car charging stations in the Netherlands, Germany other European countries.

Investors could subscribe to a bond issue between Tuesday 28 November and Tuesday 12 December. However, the issue was already fully subscribed this afternoon. 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:

“More and more people see that the future is electric and want to invest in the sustainable mission of Fastned. This is reflected in the incredible demand for our bonds. We will use the proceeds of this issue to build dozens of new stations and add chargers to existing locations. We really need to expand the number of fast-charging stations  because our growth is accelerating and queues at our stations are becoming more common.”

The company currently has 63 EV charging stations operational and a series under construction. In recent months Fastned invested in new grid connections and the purchase of faster chargers with a charging power of up to 350 kW.

These will be installed before the end of the year and allow drivers to charge up to 100 times faster than at home. The strong demand for fast charging is shown by the fact that Fastned has grown at a rate of around 10% month-on-month in the past few years; significantly faster than the market.

In 2012, Fastned acquired concessions for the sale of electricity to electric cars at 201 of the 245 service locations along the Dutch highways. In the past year, the portfolio has been expanded with a large number of locations in Germany and Belgium. Fastned also signed an agreement with Transport for London (TfL) for the realisation of fast-charging stations in the U.K.

The Founder of driveEV. A driving and new technology fan enjoying learning all about the future of motoring. I drive a BMW i3.

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