Fastned raises EUR 12.3m to grow EV charging network

Dutch charging company Fastned last week said it has raised EUR 12.3 million (USD 14.5m) to expand its network of fast-charging stations in the Netherlands, Germany and elsewhere in Europe.

The company secured the funds from a public issuance of 6% five-year bonds that was fully subscribed in 10 days. The offering was increased from EUR 3.3 million announced at its launch at the end of November.

Co-founder Bart Lubbers said the bonds attracted "incredible" demand as "more and more people see that the future is electric and want to invest in the sustainable mission of Fastned."

The company, which is offering fast charging that it says is 100% renewable and takes 20 minutes, currently has 63 stations in operation. It will use the proceeds to build new stations and add chargers to existing locations.

Fastned has in recent months invested in new grid connections and in faster chargers with a charging power of up to 350 kW, which will be installed by the end of the year, according to the announcement.

(EUR 1 = USD 1.180)

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