With the ongoing pandemic and for a greater good of the planet, more and more people are switching to healthier and sustainable lifestyles. Also with Tesla stocks breaking all records and smashing Wall Street market, it looks like several consumers are choosing to move to electric cars and mobility options.
The same trend is quite evident in Europe too and especially the Netherlands, known as the bike/green country. Everything in the cities including Amsterdam, Rotterdam and other others are proposed keeping the ‘green’ quotient in mind. Several local startups are working towards the same and one of them is Amsterdam-based fast-charging company Fastned, which builds a nationwide network of fast-charging stations in the Netherlands. The startup aims to help riders of electric vehicles commute across the country with ease.
Fastned raises €13 million via bonds
Now the Dutch startup has raised over €13 million with the issue of bonds. In addition, investors have extended €2.7 million worth of bonds from earlier issues, bringing the total issued amount to more than €16 million. All newly issued bonds will mature in July 2025. Before this, the Euronext Amsterdam listed company got around €12 million funding last year.
From Wednesday, June 24 to Tuesday, July 28 investors could subscribe to the bonds with 6% interest and a maturity of 5 years. In addition, an offer has been made to investors with bonds maturing in December 2021 and June 2022 to extend these bonds by exchanging them for bonds in this new issue. More than a quarter of bonds from earlier issues have now been converted to bonds from this issue, reducing the repayment obligation for Fastned in 2021 and 2022 by €2.7 million.
Michiel Langezaal, CEO Fastned: “It’s great to see that so many people investing in a more sustainable world. With the proceeds from this bond issue, we can further expand the capacity of our network. The rollout of fast-charging stations is crucial to get people to switch to an electric car.”
Expansion of fast-charging network
With the issue of bonds, Fastned is financing the expansion of its fast-charging network among other things. As there is strong growth in the number of electric cars and the demand for fast-charging infrastructure, this expansion will definitely pave the way for its growth.
At these stations, electric drivers can add up to 300 km range in 15 minutes with electricity from the sun and wind. Founded in 2012 by Michiel Langezaal and Bart Lubbers, Fastned has 118 charging stations in the Netherlands, UK and Germany. All stations are open to the public 24/7.With this move, the company aims to expand across Europe by increasing the number of fast-charging stations. The Dutch company is focusing on establishing its stations in Belgium, France, and Switzerland among other countries.
Main image credits: Fastned