Fastned Secures Financing Through The End Of 2019

1 year ago by Mark Kane 11

Nissan LEAF at Fastned fast charging station

Nissan LEAF at Fastned fast charging station

Fastned results by Q4'2015

Fastned results by Q4’2015

Fastned announced in January that it secured financing for its operational expenditures for the next three years – through the end of 2019 – which seems like pretty good news for plug-in owners in Netherlands today, and for other EV drivers in Europe in the future.

The Dutch company has ambitious plans to build a nationwide fast charging network in the Netherlands and then to expand to other countries in Europe.

Bart Lubbers, the co-founder of Fastned, provided €5 million, while the company secured or extended loans for future investments:

“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 ten euro apiece. Both investors maintain the right to convert the interest and/or the principal at this price, for the duration of the loan.

On top of this, co-founder Bart Lubbers has provided a working capital facility of 5 million euro via his investment company Wilhemina-Dok B.V. This facility is sufficient to cover all operational expenditures up to the end of 2019.

In order to finance the roll-out of new charging stations in the Netherlands and Europe, Fastned is planning an issue of certificates of shares in the first half of this year.”

As of January 2016, Fastned had installed 50 fast charging stations along the highways with multi-standard fast chargers (50 kW CHAdeMO and CCS Combo as well as AC Type 2 – 43 kW).

There are several ways to get access to Fastned. You could get lifetime access by becoming a significant shareholder or buy a new Nissan EV to be able charge for free for 4 years (well, Nissan will pay the bill). Otherwise, there are three other options:

  • Basic cost €0.79/kWh (no without subscription)
  • Standard €0.35/kWh + €12 every month
  • Unlimited for €100 every month

It’ll be very interesting to see if Fastned progresses, as hopefully it becomes the the first (or one of the very first) charging infrastructure operators to be profitable some day. According to the press release, utilization of charging stations (customer base, kWh’s delivered, and revenues) was growing about 10% every month in 2015.

“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 the preliminary Q4 results report, we noted that the customer base exceeds 3,000, quarterly kWh dispensed is approaching 60,000 kWh, and revenues stands at around €30,000.

It’s pretty simple math that allows us to see that one customer is paying on average €10 a quarter or €40 a year (annualized) and charging just 20 and 80 kWh respectively at more or less €0.5/kWh ($0.55).

Fastned Opens 50th Fast Charging Station In The Netherlands

Fastned Opens 50th Fast Charging Station In The Netherlands

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11 responses to "Fastned Secures Financing Through The End Of 2019"

  1. miggy says:

    Great to see and good luck to them.
    The growth is currently at about 1,000 new customers per quarter, look forward to updates.

  2. PJ says:

    What country will they expand to first and when?

  3. Skryll says:

    Does that sound expensive ? But it may not matter if majority use is in a pinch fast charging rather than regular daily.

  4. Robb Stark says:

    In the Netherlands you need ~5.75 Euros to travel 100 miles in a new BMW 3 Series Diesel.

    In the BMW i3 you need ~25 kWh to travel 100 miles.

    In order for this to make financial sense you need to get the unlimited charge for 100 Euros per month and drive about 1400 miles or more per month. That is a lot of miles for a Dutch driver driving exclusively in The Netherlands.

    1. miggy says:

      The Netherlands use Metric so do you mean km not miles?
      Diesel is about 1.15 Euros per litre and the BMW 3 Diesel would use just under five litres to cover 100kms.
      5.75 Euros per 100kms

    2. wavelet says:

      You’re looking at it wrong.
      This isn’t intended for day-to-day charging for personal vehicles — recall the stations are mostly alogn major highways, and people will recharge at home and/or L2 chargers for that.

      This is for the less-frequent long-distance trip, where people will pay for the convenience… just like people fill up gas, eat, buy snacks etc. at the highway-side service area, even though it’s a lot more expensive than leaving the highway and entering the nearest town.

    3. miggy says:

      On average, the BMW i3 car consumed 15.8 kWh/100 km; just below the 16.0 average other BMW i3 owners achieved according to info provided by the BMW i app.

    4. kosee says:

      Yeah… most new cars in the Netherlands are company lease cars. BEVs pay 4% tax annually of the new price. A bmw 3 series diesel pays 25%. That’s rediculous so sensible people get a 200 mile BEV next year, the charging cost are almost insignificant compared to the giant difference in taxation.

      Unfortunately indeed the private and second hand BEV market in the Netherlands doesn’t make too much sense yet, but the lease car market is going to put those cars on the second hand market anyway when the lease terns are over.

    5. Mutwin Kraus says:

      I use Fastned a couple of times per year and I don’t mind paying twice as much for the electricity than I do at home, since it allows me to travel to places far out of the normal range of my EV. I would not use it for daily charging. But even if you need to travel cross-country daily (which really isn’t that far in the Netherlands) the €100 flat rate is a good deal.

  5. SJC says:

    Twitter gets $20 billion but people making a real contribution go begging.

  6. Cavaron says:

    Since all the Fastned-stations have solar, how much kWh did they generate compared to kWhs charged there?