Fastned closes financing round with €150 million

The Dutch fast-charging provider Fastned has raised 150 million euros in an offering with accelerated book building. The funds are to be invested in the expansion of the charging network across Europe.

As part of the bond issue, its 1.875 million new “depositary receipts for ordinary shares” were issued, representing 12.5 per cent of the company’s current issued capital, Fastned said in the statement. The new share certificates were placed at a price of 80 euros each, resulting in gross proceeds of 150 million euros, it said.

Fastned further states that the proceeds will be used to build the “firmly planned network of 164 additional charging stations” – currently Fastned operates 133 charging stations. In doing so, the Dutch  company also states that it will accelerate the development of the potential network and “finance investment costs related to important upcoming government tenders, including in France and Germany.”

The government tenders in Germany are apparently those 1,000 DC charging parks that the federal government plans to tender based on the Fast Charging Act. However, Fastned does not confirm this directly.

“We are very happy with this successful capital raise which allows Fastned to significantly accelerate its expansion plans,” says Fastned CEO Michiel Langezaal. “It enables us to build more and bigger fast-charging stations across multiple countries, living up to our mission of
accelerating the transition towards sustainable mobility by giving freedom to electric drivers.”

Langezaal also states that not only did existing investors participate in the transaction, but “solid institutional investors” were also attracted,  “strengthening Fastned’s shareholder base.”

fastnedcharging.com (PDF)