Fastned Raises $14.8 Million In 10 Days, Will Install 350 kW Chargers
30 mins ago by
Mark Kane
Fastned charging station
Dutch company Fastned is covering the Netherlands, Germany and other European countries with fast chargers, but what Fastned’s doing really fast is selling bonds.
Fastned charging station
In just 10 days, the company was able to raise 12.3 million euro (≈$14.8 million) for expansion of its European fast charging network through bonds that pay out 6% interest per annum and have a maturity of 5 years.
The first three million were secured within 24 hours, which means that there are many investors that would like to catch onto the Fastned expansion.
“Investors could subscribe to the issue between Tuesday 28 November and Tuesday 12 December. However, the issue was already fully subscribed this afternoon. The bonds pay out 6% interest per annum and have a maturity of 5 years. The interest is paid quarterly in arrears.”
In late December, the company said that it installed a total of 63 fast charging stations. There are a few 50 kW chargers at each stations.
Currently, Fastned prepares for higher power units, 150 kW and 350 kW fast chargers:
“Fastned is building a European network of fast charging stations. The company currently has 63 stations operational and a new series of stations under construction. In recent months Fastned invested in new grid connections and the purchase of faster chargers with a charging power of up to 350 kW. These will be installed before the end of the year and allow EV drivers to charge up to 100 times faster than at home. The strong demand for fast charging is shown by the fact that Fastned has grown at a rate of around 10% month-on-month in the past few years; significantly faster than the market.”
Fastned co-founders Michiel Langezaal and Bart Lubbers (credit Roos Korthals Altes)
Here are few highlights from Fastned’s third quarter:
Volume: 245,030 kWh (+113% compared to Q3 2016)
Revenues: € 118,024 (+111% compared to Q3 2016)
Active customers: 4,786 (+88% compared to Q3 2016)
EV drivers can now use virtually all charge cards in the Netherlands to charge at Fastned
Fastned made additional investments in grid connections in the Netherlands and Germany
The teams in Germany and the UK have been expanded in anticipation of the roll out of Fastned networks in both countries
The German government contributes EUR 4.1 million to build 25 fast charging stations in Germany
Fastned won a case before a Dutch court, opening the way to allow additional shops to our stations. This would results in a much better customer experience, including coffee and toilets. Unfortunately the Dutch government has appealed the court ruling.
Bart Lubbers, co-founder of Fastned:
“More and more people see that the future is electric and want to invest in the sustainable mission of Fastned. This is reflected in the incredible demand for our bonds. We will use the proceeds of this issue to build dozens of new stations and add chargers to existing locations. We really need to expand the number of fast-charging stations because our growth is accelerating and queues at our stations are becoming more common.”
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