Amsterdam-based fast charging startup raises more than €11M for expansion in Europe

Amsterdam-based fast charging startup raises more than €11M for expansion in Europe

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Fastned, which aims to build an extensive European network of fast-charging stations, has raised more than €11 million via the issue of bonds. The proceeds of the issue will be used to facilitate further growth and to expand the network in the Netherlands, Germany, Belgium, and the United Kingdom.

Subscription to the issue of bonds was possible from Thursday, October 11 up to Tuesday, October 30. 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 than 5,000 people have now invested in Fastned. These people believe in our mission and in our company. They see that the growth of electric mobility is accelerating. Where our stations used to get only a few visitors per day, we now see multiple cars charging at the same time. Our best station already attracts more than 100 visitors a day! This is just the beginning and people are seeing that.”

The mission of Fastned is to accelerate the transition to electric mobility. In order to realise this, Fastned is building a European network of fast charging stations where all-electric cars can charge super-fast. Fastned already has a network of 78 stations operational in the Netherlands and Germany. In addition, there are currently 15 fast charging stations under construction. With the proceeds of this issue, in 2019 the network can be expanded with more stations and faster chargers.

The relevance of Fastned’s offering is shown by the fact that Fastned has grown at around 10% month-on-month for the last few years; much faster than the market. In September the network of fast-charging stations passed the operational break-even point, meaning that all costs related to the stations are covered by the revenues generated by those stations.

— Press release

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