Charge 300km in 15 minutes: €11M funding for Amsterdam-based rapid EV charging startup Fastned

It has been predicted that electric vehicles (EVs) will command a 25% market share by 2030, up from a meager 3% in 2020. In Europe, France, Germany, the Netherlands, Norway, and the UK are said to be the top five countries in the adoption and the development of EV charging infrastructure.

Relatively, Fastned, the Amstamdam-based fast EV(electric vehicles) charging company, has raised nearly €11 million with the issue of new bonds. The total amount issued in this round exceeds €13 million, adding to the previous €2.3 million worth of investments. June 2027, as maturity date has been set for all newly issued bonds. So far, the company has raised around $93.5M in investment. The last funding was a €75 million private placement of 2,032,520 new depositary receipts representing the same number of new ordinary shares in the capital of the company via Schroders Capital.

Investors were able to subscribe to bonds with 5% interest and a maturity of 4.5 years from 29 November to 21 December. Fastned bond holders who purchased their bonds before April 2019 can extend their investment by exchanging them for new bonds. The repayment obligation for Fastned in 2022 has been reduced by nearly €11 million thanks to earlier extensions.

“This year, Fastned built more stations than in any year before, and we intend to increase the built-pace even further in the coming years to reach our goal of one thousand stations beforein 2030. We can only do that with support of our investors and I’m proud to see that many bondholders are committed to help us accelerate the transition to e-mobility. Investing in Fastned means investing in a fossil fuel free future, and helping us build more new stations, enlarge existing ones, hire new talents, and meet the exponentially growing demand for EV charging.” Victor Van Dijk, CFO Fastned.

Listed on Euronext Amsterdam, Fastned is developing a fast-charging infrastructure for electric vehicles across Europe.

100% green electricity

Founded in 2012 by Michiel Langezaal and Bart Lubbers, the Dutch startup aims to accelerate the transition to electric mobility and owns and operates a network of electric vehicle charging stations in the Netherlands, Germany, Switzerland, the UK, and Belgium.

Drivers can charge their electric vehicles with up to 300 km of range in 15 minutes thanks to the company’s 215 fast-charging stations.

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