€23m raised by Fastned to finance continued growth of EV fast-charging stations
Fastned has raised €23 million to finance further growth of its electric vehicle (EV) fast-charging stations.
The European fast charging company has raised the funding with the issue of new bonds. In addition, investors have extended over €7 million worth of investments from earlier issues, bringing the total issued amount in this round to nearly €30 million. All newly issued bonds will mature in December 2026.
From 10 May to 12 June, investors could subscribe to the bonds with 5% interest and a maturity of 4.5 years. Holders of Fastned bonds bought before April 2019 could extend their investment by exchanging those bonds for bonds in the new issue. Including earlier extensions this has reduced the repayment obligation for Fastned in 2022 by nearly €10 million.
Michiel Langezaal, CEO of Fastned, said: “I’m delighted to again see so much interest from investors in sustainable infrastructure. This bond issue allows us to continue to invest in the expansion of our Europe-wide network, bringing more freedom to electric drivers. Electric vehicle sales are hitting all-time highs and on top of that, EU lawmakers last week voted to support a proposed ban on the sale of new petrol and diesel cars from 2035. This will further speed up the shift to electric mobility across the continent.”
Fastned recently opened its first ultra-rapid electric vehicle (EV) charging station in London.
Image courtesy of Fastned.