Fastned Raises $14.8 Million In 10 Days, Will Install 350 kW Chargers

JAN 12 2018 BY MARK KANE 15

Dutch company Fastned is covering the Netherlands, Germany and other European countries with fast chargers, but what Fastned’s doing really fast is selling bonds.

Fastned charging station

In just 10 days, the company was able to raise 12.3 million euro (≈$14.8 million) for expansion of its European fast charging network through bonds that pay out 6% interest per annum and have a maturity of 5 years.

The first three million were secured within 24 hours, which means that there are many investors that would like to catch onto the Fastned expansion.

“Investors could subscribe to the issue between Tuesday 28 November and Tuesday 12 December. However, the issue was already fully subscribed (by that time). The bonds pay out 6% interest per annum and have a maturity of 5 years. The interest is paid quarterly in arrears.”

In late December, the company said that it installed a total of 63 fast charging stations. There are a few 50 kW chargers at each stations.

Currently, Fastned prepares for higher power units, 150 kW and 350 kW fast chargers:

“Fastned is building a European network of fast charging stations. The company currently  has 63 stations operational and a new series of stations under construction. In recent months Fastned invested in new grid connections and the purchase of faster chargers with a charging power of up to 350 kW. These will be installed before the end of the year and allow EV drivers to charge up to 100 times faster than at home. The strong demand for fast charging is shown by the fact that Fastned has grown at a rate of around 10% month-on-month in the past few years; significantly faster than the market.”

Fastned co-founders Michiel Langezaal and Bart Lubbers (credit Roos Korthals Altes)

Here are few highlights from Fastned’s third quarter:

  • Volume: 245,030 kWh (+113% compared to Q3 2016)
  • Revenues: € 118,024 (+111% compared to Q3 2016)
  • Active customers: 4,786 (+88% compared to Q3 2016)
  • EV drivers can now use virtually all charge cards in the Netherlands to charge at Fastned
  • Fastned made additional investments in grid connections in the Netherlands and Germany
  • The teams in Germany and the UK have been expanded in anticipation of the roll out of Fastned networks in both countries
  • The German government contributes EUR 4.1 million to build 25 fast charging stations in Germany
  • Fastned won a case before a Dutch court, opening the way to allow additional shops to our stations. This would results in a much better customer experience, including coffee and toilets. Unfortunately the Dutch government has appealed the court ruling.

Bart Lubbers, co-founder of Fastned:

“More and more people see that the future is electric and want to invest in the sustainable mission of Fastned. This is reflected in the incredible demand for our bonds. We will use the proceeds of this issue to build dozens of new stations and add chargers to existing locations. We really need to expand the number of fast-charging stations  because our growth is accelerating and queues at our stations are becoming more common.”

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15 Comments on "Fastned Raises $14.8 Million In 10 Days, Will Install 350 kW Chargers"

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At $30,000 a piece, $14.8M would pay for almost 500 DCFC chargers. I wonder how many chargers will actually get installed.

Hard as it may be to fathom, rolling out a network involves a bit of work besides buying the hardware. Locations must be chosen, permits obtained, land lease or purchase must be arranged, power must be supplied to stations, somebody must work out how to turn it all into a business, the service must be marketed, software must be developed and surely much more I can’t think of off the top of my head. All of which means a lot of people will do a lot of work. They receive a salary, and employers incur taxes. People must be recruited, contracts negotiated, and the whole HR meta-organization needed to keep the business organisation running isn’t free either. I’m pointing out the blindingly obvious here, but dividing funding raised by the cost of hardware for one station is utterly meaningless. Besides, your number for that cost probably has little relation to reality. 350 kW chargers will be cheaper than 50 kW ones provided cars can use that power and demand is sufficient to get decent utilisation, but that’s because of all these other costs that make up the vast majority of total cost – the hardware itself obviously is a bit… Read more »

You’re just blowing smoke. The infrastructure for a 50 kW charger is little different than that of a 350 kW charger and the infrastructure is a major component of the cost. If a single contractor installs more than a few charges then competitive bidding and economies of scale could easily keep the overhead cost down.

Without any other information the cost of 50 kW chargers is good for a rough number 350 kW chargers. I see nothing in your post that would allow us to determine a more reliable number. Until I see some reliable numbers on the installed cost of 350 kW chargers I will go with the numbers I posted.

Rocky Mountain Institute has analyzed the costs of installing Level 2 and DCFC stations.

A single Level 2 station installation typically costs around $5.5k, while 5 stations or more is around $4k.

A single 50 kW fast charger installation is around $60k. Around $23k for the fast charger, $18k for a transformer, and around $20k in labor etc.

High power fast charging installations like Tesla has already done are known to be $200-250k per location. These are multi stall locations with anywhere from 8-12 stalls.

The German government offered 40% subsidie for building charging stations along the Autobahn.
For the planned 20 stations the subsidie awarded to FastNed was €4,000,000. FastNed did not disclose the cost of a single station, but anybody with very basic math skills can make an educated guess.

I would be very surprised when the cost was far from half a million euro per station.

Well, for a reference, it cost Mitsubishi Canada about $100,000 to install a single ABB CHAdeMO DC Fast Charger in Mississauga, Ontario, back about 2011-2012.

I would hope that they would have managed to improve that pricing by now.

Disagree here: quite a difference in expense between 50 kw and 350 kw.

If used in Europe, a 90% efficient 350 kw dc fast charger would need 560 amperes to run – so the overcurrent and switching devices for the 3-phases to run this are a cost to be factored in, especially if they are going to ultimately have several of these in one locale.

I think these things are only doable if the cost is heavily subsidized, in effect meaning you shouldn’t bad mouth ICE drivers too excessively since they in that case will be paying for your fast charger.

As if Porsche, Bentley, and other premium 800 volt makes need Welfare for their so poor owners.

Go Fastned!! They have always been the epitome of what a fast charge network company ideally is. I think they’ve done admirably well!!

But it sates Awful! ?

And it Tastes Awful, too! ?


You can burn algae based bio fuel in a big generator and use the power to charge up an EV without using coal.

Much more efficient and cleaner than trying to burn it in a little engine in a car.

Algae fuel is dead as an idea. There have been hundreds of attempts to do it but it has never shown to be even close to feasible. It’s a lead balloon.

WTH do you get that from? On most grids coal is in the minority.

Heck on my countries grid for the last 24 hours 60.83% of power came from renewables.
Live data here:

Our only coal power station will be shut before 2025. Part of the replacement is the new solar farms popping up in the countryside around me and in the mountains to the west a massive €650m hydro pumped storage scheme is 18 months into construction.

And all of that ignores the 3-5 fold efficiency advantage of EVs.