Amsterdam’s EV fast-charging network provider Fastned secures €24M to expand its network

Amsterdam-based Fastned, a provider of a fast-charging network for electric vehicles, announced on Monday, June 12, that it has secured €21.9M in funding with the issue of new bonds.

Investors have also extended €2.4M in investments from previous issues, bringing the total amount offered in this round to more than €24M. According to Fastned, the bonds have a 5-year maturity and a 5.5 per cent coupon.

In December 2022, the fast-charging company secured €13M to grow its network. In October 2022, it raised €75M from Schroders Capital.

Capital utilisation

The Amsterdam-based startup says it will use the funds to broaden its network throughout Europe. 

There will be additional contracts in the upcoming years as a result of recent European regulations requiring fast-charging infrastructure along Europe’s major roadways, and Fastned claims to be well-positioned to maintain its success record for such tenders.

Victor van Dijk, CFO of Fastned, says, “We are proud of the trust investors have put in Fastned again. Despite a challenging capital market environment, with continued inflation and increasing interest rates, Fastned once again proved its resilience in the retail bond market with a solid and growing investor base.”

“Together, we not only build fast charging stations in high-traffic locations, but we also grow a community around electric driving. We believe that the electric revolution will really take off when charging becomes hassle-free and that is why we roll out our network across Europe: to offer freedom to electric drivers.”

“Every day we get closer to our goal of one thousand stations by 2030, where we sell energy from renewable sources like sun and wind, actively helping to curb the climate crisis,” he adds.

“Freedom for the electric driver”

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 260 electric vehicle fast charging stations in the Netherlands, Germany, the UK, Belgium, France, and Switzerland. The majority of its stations are located in Dutch highway rest areas.

The company’s fast-charging infrastructure helps drivers to charge their EVs with up to 300 km of range in 15 minutes. Fastned is listed on Euronext Amsterdam.