The bond will be used to continue the expansion of Fastned’s charging network as it looks to new locations in mainland Europe and London
Dutch charging network pioneer Fastned has had quite a year.
Following it success in a tender by Transport for London in April (covering 300 new charging stations by 2020) and a share and bond issue over the summer, the company has now raised a further 12.3 million euros (US$14.5 million) in 10 days via a public bond issue.
Fastned says that proceeds will be used for further expansion of its network of fast-charging stations in the Netherlands, Germany other European countries.
Investors could subscribe between Tuesday November 28 and Tuesday December 12, although the issue was fully subscribed by Thursday December 7.
The bonds pay out 6% interest per annum and have a maturity of 5 years. The interest is paid quarterly in arrears.
Given that Fastned claims to have grown at a rate of around 10% month-on-month in the past few years, that performance should be more than achievable.
Company co-founder Bart Lubbers said: “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.”
The company currently has 63 stations operational in Europe, with more stations under construction.
Fastned has also made new higher capacity grid connections, allowing it to add faster charging systems of up to 350 kW, it says, which will be before the end of the year.
Two successful issues in a year suggests that investors, and not just governments, are ready to take the risk on EV infrastructure. Although many more stations will be needed in the coming year, the task will be considerably easier and faster if retail investors are willing to participate too.
ElecTrans expects to see more network operators following Fastned’s model, bringing competition to markets that would otherwise be dominated by major service station chains, or major automakers as in the case of IONITY.