EV owners rejoice! Amsterdam’s EV fast-charging company Fastned raises €23M to expand network

Amsterdam-based Fastned, a company that provides a fast-charging network for electric vehicles, announced on Monday that it has raised nearly €23M with the issue of new bonds. 

Investors have also extended over €7M worth of investments from earlier issues, bringing the total issued amount in this round to nearly €30M. All newly issued bonds will mature in December, 2026.

The company mentions in a statement that from May 10 to June 12, investors could subscribe to the bonds with a 5 per cent interest and a maturity of 4.5 years.

Holders of Fastned bonds purchased prior to April, 2019, may be able to increase their investment by exchanging their bonds for bonds in the next issuance. Including prior extensions, the payback requirement for Fastned in 2022 has been decreased by roughly €10M.

Michiel Langezaal, CEO of Fastned, says, “I’m delighted to again see so much interest from investors in sustainable infrastructure. This bond issue allows us to continue to invest in the expansion of our Europe-wide network, bringing more freedom to electric drivers. Electric vehicle sales are hitting all-time highs and on top of that, EU lawmakers last week voted to support a proposed ban on the sale of new petrol and diesel cars from 2035. This will further speed up the shift to electric mobility across the continent.”

Accelerating the transition to sustainable mobility

Founded in 2012 by Michiel Langezaal and Bart Lubbers, Fastned aims to accelerate the transition to electric mobility by giving freedom to electric drivers. The company develops a fast-charging infrastructure for electric vehicles across Europe. 

Fastned owns and operates a network of electric vehicle charging stations in the Netherlands, Germany, Switzerland, the UK, and Belgium, The majority of its stations are located at Dutch highway rest areas. 

With over 207 fast-charging stations, the company provides a fast-charging infrastructure where drivers can charge their electric vehicles with up to 300 km of range in 15 minutes before continuing their journey. “Our goal is a European network of 1000 fast-charging stations in prime locations, where all-electric vehicles can charge with renewable energy from the sun and wind,” says the company.

Fastned is listed on Euronext Amsterdam.

Recent growth and developments

Earlier this month, Fastned opened its first ultra-rapid electric vehicle (EV) charging station in London. Based in the London Borough of Greenwich and located just off Woolwich Road (A206) near the Blackwall Tunnel, the station will cater for local vehicles as well as people travelling through the Blackwall Tunnel. The station comprises six charging bays.

This launch was Fastned’s 11th in the UK and its first in London, coming just weeks after the company opened the biggest ultra-rapid charging station in Scotland.

In May, 2022, the company reached a milestone with the opening of its 200th charging station, located in Germany. Located north of Nuremberg just off the A70 highway, Neudrossenfeld station is the latest addition to Fastned’s fast-expanding European network and the company’s 34th station in Germany.

In April, 2022, Fastned announced that its revenues related to charging grew to €5.7M in the first quarter of 2022, almost 3X the revenues in the same quarter last year. This puts the annualised revenue run-rate at €23M. The company also mentions that it expects to add 65 new stations across its markets by the end of 2022, accelerating the growth of its network by almost 50 per cent compared to 2021. This will bring the total number of charging stations to at least 253 by year-end 2022. 

Fastned expects to add 190 chargers to increase charging capacity at existing stations, mainly across the Netherlands and Germany, which will bring the total number of chargers to more than 1,200 by the end of 2022.