The Netherlands-based electric vehicle fast-charging station firm Fastned has begun a new limited issue of certificates of shares through the new pan-European stock exchange Nxchange, according to an email sent to EVObsession and CleanTechnica.
The move is intended to help the company finance its plans to expand its successful electric vehicle (EV) fast-charger network throughout Europe — as well as continued expansion in the Netherlands itself.
The co-founder of Fastned, Bart Lubbers, commented: “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 email sent to CleanTechnica and EVObsession provides more:
The listing of Fastned at NPEX is suspended immediately. From today onwards all certificates of shares of Fastned will be listed at the Nxchange stock exchange. The issue consists of 650,000 new certificates of shares. The price range for issue is between €10 and €15 per certificate. Subscribing to the offer is possible from April 14th to May 19th via the websites of Fastned and Nxchange.
Fastned is currently funded with €5.5 million in capital and €12.5 million in convertible loans. In addition, co-founder Bart Lubbers has guaranteed to cover operational costs until the end of 2018 with a 5 million loan facility via his holding company.
…Fastned has decided to transfer its listing to Nxchange because this European stock exchange fits well with the European expansion plans of Fastned. Nxchange operates under license of the AFM as a regulated market (just like Euronext). The transition to a regulated stock exchange will allow more parties to invest in Fastned. Also, Fastned expects that it will become easier to raise capital and that the liquidity of its certificates of shares will increase.
The company’s current plans call for the creation of a pan-European EV fast charger network by the year 2020 — by which time a number of manufacturers will have released high-range mass-market-aimed EVs.
The director of Nxchange, Marleen Evertsz, commented as well: “We are pleased with Fastned as the first listing on Nxchange. We have developed this stock exchange exactly for this type of company that has a large community, ambitious growth plans, and seeking funding. Via Nxchange they can approach and develop their own community to raise capital, whereby Nxchange ensures that security and transparency are guaranteed in a regulated environment.”
Image Credit: Fastned