In Europe, national governments’ have largely supported the adoption of Electric Vehicles (EV) in a bid to reduce CO2 emissions in the transport sector through the adoption of alternative fuels. Moreover, several countries offer incentives to promote, including registration tax benefits, ownership tax benefits, purchase subsidies, and other financial benefits as well.
Still, access to well-located and affordable charging infrastructure is crucial for the growth of the EV market. Several companies are investing in this charging infrastructure to support Europe’s transition to e-mobility. Based out of Amsterdam, Fastned is building a nationwide network of fast-charging stations in the Netherlands, enabling electric drivers to travel throughout the Netherlands.
Raised €7.5 million!
In the latest development, the charging company again sees a strong demand for its bonds that pay 6% interest per year. Notably, over €7.5 million has been raised so far, more than Fastned‘s target – €3 million. The issue started on November 21 and will close on December 12.
To finance further expansion!
The proceeds of the issue will be used to fund further expansion of Fastned’s fast-charging network. It’s worth mentioning that the bonds have a maturity of 5 years and payout 6% interest per year.
The subscription to the offer is possible, starting at €1000. Investors can subscribe to the issue until December 12, 2019, via the Fastned website: fastnedcharging.com/bonds. However, the issue is limited to 15,000 bonds for a total of €15 million.
Tripled revenue in Q3 2019
According to the company claims, the revenues nearly tripled (€ 1,048,000) compared to the same quarter last year. Recently, the company also strengthened its management team with CFO Victor van Dijk. Victor previously worked at ING as Managing Director Debt Capital Markets (DCM), where he was responsible for corporate DCM in Germany, Switzerland, and Austria.
Founded by Michiel Langezaal and Bart Lubbers in 2012, Fastned has 113 stations operational in the Netherlands, Germany and the United Kingdom, and is working on expanding its fast-charging network to the rest of Europe.
Most of the charging stations are located at high traffic locations along highways and in cities, where electric cars can add up to 200 km range in 15 minutes. Apart from the countries mentioned above, the Dutch company is preparing for building its first stations in other countries, with a focus on Belgium, Switzerland, and France as well.
All said and done, Europe is developing a significant EV charging network at a rapid phase to make sure long-distance travel based on 100 percent of electricity is possible.
Main image credit: Fastned
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