Fastned is issuing a limited amount of shares certificates to finance the construction of new fast charging stations both in the home market and abroad. The issue consists of 650,000 certificates, priced on a scale of €10-€15 and listed on the new pan-European stock exchange Nxchange.
Fastned, a Dutch startup that is building a country-wide network of fast charging stations for electric cars, has announced the limited issue of shares certificates on the Nxchange Stock Exchange, the recently launched “Next Generation Stock Exchange.” Investing in Fastned is possible until the 19th of May 2016, 14:00, simply by going to the dedicated website page of the Nxchange. The latter, founded to “help the companies raise money directly within their communities”, is pioneering a completely new approach to selling shares. It connects companies directly to investors, eliminating the in-between players like investment bankers or brokers, and essentially cutting out any central location or authority (more about the story of Nxchange here, and here (in Dutch). Fastned became its first official listing.
Fastned has the ambition to operate a European network of universal fast-charging stations by 2020. The capital raised as a result of the stock exchange listing will be poured into constructing new stations in The Netherlands and further European expansion to meet the growing demand for electric cars on these markets. On the Dutch roads only, there are currently more than 91,000 electric vehicles registered, out of which more than 9,000 are fully electric.
According to the press release issued by Fastned last week, the company is now funded with €5.5 million in capital and €12.5 in convertible loans. Additionally, the company’s operational costs until the end of 2018 will be covered by Fastned’s co-founder Bart Lubbers with a €5 million loan facility via his holding company. Lubbers comments: “Fastned wants to grow rapidly, and this requires capital. The new stock exchange Nxchange is the right platform to get this done. The regulated character makes it possible for institutional investors to invest. That’s great because an investment in Fastned is an investment in sustainable infrastructure; exactly what many investors are looking for at this moment.”
The year has already started well for Fastned, with the company reporting growth both in volume (500%) and in revenue (370%) in Q1 compared to the same period in 2015. The increasing popularity of the service also got reflected in the growth of its customer base (31% compared to Q4 2015). The latter might have been boosted by the company’s partnership with Nissan, which entitled every owner of the new Nissan LEAF and Nissan e-NV200 to four years of free fast charging at Fastned. Besides this, all electric car owners now get the first month of fast charging at Fastned for free regardless of the car model. The company also installed Tesla adapters at all its 50 existing stations, which enabled Tesla drivers to benefit from a wider charging network. Tesla Model S remains the most popular fully-electric car on the Dutch market, with more than 4,500 of them currently driven in the country.
CEO Michiel Langezaal: “We see a major shift in the perception towards electric cars around the world and in the Netherlands. The enormous interest in the Tesla Model 3 shows that people can’t wait to drive electric. We are building the charging network that will be required to provide all these cars with the electricity they need.”