The electric vehicle fast-charging station company Fastned has secured new funding to cover its operational expenditures for the next 3 years, according to an email sent recently to EV Obsession and CleanTechnica.
The new financing will allow the Amsterdam-based company to grow and expand faster than would otherwise be possible — notably, the company is planning to soon expand its operations outside of the Netherlands for the first time.
The company currently possesses a network of 50 fast-charging stations in its home country — and has experienced rapid growth over the last year, both with regard to station numbers and other factors.
The recent email provides more details:
During the last year Fastned has grown at over 10% per month in terms of its customer base, kWh’s delivered, and revenues. It is anticipated that the first charging stations will pass break-even by mid next year. As a result of continued favourable tax incentives for electric cars in the Netherlands this point may come even sooner.
In anticipation of this moment Fastned has come to an agreement with its investors to create a solid financial base sufficient to cover all operational costs for the next three years. As part of this, investor Breesaap has extended its loan to 10 million euro. Furthermore, the loans of both Breesaap and the Flowfund Foundation have been extended by two additional years until 31 December 2018. In addition, interest accumulated until the 31st of December 2015 on both loans has been converted into certificates of shares of Fastned at a price of 10 euro apiece. Both investors maintain the right to convert the interest and/or the principal at this price, for the duration of the loan.
The company’s co-founder, Bart Lubbers, has also contributed a working capital facility of €5 million through his investment company Wilhemina-Dok BV.