Published on December 12th, 2017 | by James Ayre0
Fastned Raised €12.3 Million In 10 Days Via Bond Issue
December 12th, 2017 by James Ayre
The Netherlands-based electric vehicle fast-charging network developer and operator Fastned has raised a further €12.3 million in funding in just 10 days through the public issue of bonds, according to a new press release.
The funds raised by the bonds issue — which was fully subscribed as of December 7th (having opened on November 28th) — will be used to further expand the company’s Europe-based electric vehicle fast-charging network. In particular, further network expansion in the Netherlands, Germany, and other nearby countries is planned.
The bonds that were issued will pay out at 6% interest per annum, and mature in half a decade — with the interest being paid out quarterly in arrears.
The co-founder of Fastned, Bart Lubbers, commented: “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.”
That reality should be obvious when one considers the speed at which plug-in vehicle adoption in the Netherlands has increased in recent years, and the relative lack of home charging options in the country.
The press release provides more background: “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.”
Check out more Fastned news on CleanTechnica.
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