Fastned issues new bonds with 6% interest
This morning, fast charging company Fastned has started subscription to a new series of bonds. The issue will be primarily used to finance further expansion of its fast charging network. This is necessary given the strong growth in the number of electric cars and the related demand for fast charging infrastructure. Similar to previous issues the bonds have a maturity of 5 years and pay out 6% interest per year. The interest is paid out per quarter in arrears. The bonds are 1000 euro apiece.
Fastned announced last week that its revenue related to charging in the third quarter of 2020 had increased by 54% compared to the same quarter in 2019. Growth is currently hampered because many drivers of electric vehicles are still working from home. At the same time, the underlying market, the number of electric vehicles, is growing rapidly. As soon as people start driving again, Fastned expects accelerated sales growth. That is why it is important to continue to invest in additional charging network capacity.
Fastned's mission is to give freedom to the electric driver and accelerate the transition to electric driving. That is why Fastned is building a European network of a thousand fast charging stations powered by electricity from sun and wind. At these stations, electric drivers can add up to 300 km range in 15 minutes. Fastned currently has 126 fast charging stations in the Netherlands, Germany, the United Kingdom and Belgium. All stations are open to the public 24/7. Fastned is listed on Euronext Amsterdam (ticker AMS: FAST). More information: fastnedcharging.com.