Fastned will take over MisterGreen's 16 high-traffic fast-charging locations in the Netherlands.

Fastned has announced the acquisition of the small Dutch fast-charging company of MisterGreen, which is engaged in EV leasing. The primary asset seems to be the rights to operate fast-charging stations at 16 strategic "high traffic" locations - along highways in the Netherlands.

It may be a noticeable strengthening for Fastned, which currently operates about 100 stations in the country.

"The locations are mostly located in the populous western part of the country and are a good addition to the Fastned network. Fastned plans to build large fast charging stations at these locations. This is important because the number of fully electric cars in the Netherlands is growing."

It also sounds like a smart move from MisterGreen to sell the charging infrastructure business and focus on EV leasing, especially since fast charging is usually not profitable until it reaches a certain scale.

The price for 100% of the shares in The Fast Charging Network B.V. from Mistergreen was €1.98 million ($2.23 million), but we don't know what exactly infrastructure was acquired besides rights to the locations.

Mark Schreurs, co-founder MisterGreen said:

“We were in talks with several parties for the takeover of our network. The conversations we had with Fastned felt good from the start and we’re happy we can join forces in this way. Fastned has an ambitious team and a serious plan to create a European charging network. This is good for electric drivers, including the 3000 MisterGreen Tesla lease drivers.”

 Michiel Langezaal, CEO Fastned said:

“I am pleased that MisterGreen has chosen Fastned and that we can add 16 fantastic highway locations to our network. Among the locations are several of the most frequently visited service areas in the Netherlands. With this expansion, we can give electric drivers even more freedom. I warmly welcome the founders of MisterGreen as Fastned certificate holders.”

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Fastned acquires fast charging network MisterGreen

Amsterdam, 01 July 2020 | 17:40 Europe/Amsterdam

Today Fastned announces it has taken over the fast charging company of MisterGreen. As a result Fastned has acquired the rights to operate fast charging stations at 16 high traffic service areas along national highways in the Netherlands. The locations are mostly located in the populous western part of the country and are a good addition to the Fastned network. Fastned plans to build large fast charging stations at these locations. This is important because the number of fully electric cars in the Netherlands is growing.

“We were in talks with several parties for the takeover of our network. The conversations we had with Fastned felt good from the start and we’re happy we can join forces in this way. Fastned has an ambitious team and a serious plan to create a European charging network. This is good for electric drivers, including the 3000 MisterGreen Tesla lease drivers.”
Mark Schreurs, co-founder MisterGreen

“I am pleased that MisterGreen has chosen Fastned and that we can add 16 fantastic highway locations to our network. Among the locations are several of the most frequently visited service areas in the Netherlands. With this expansion, we can give electric drivers even more freedom. I warmly welcome the founders of MisterGreen as Fastned certificate holders.”
Michiel Langezaal, CEO Fastned

Transaction details
As of July 1, 2020, Fastned has acquired 100% of the shares in The Fast Charging Network B.V. from Mistergreen for 1.98 million euro. The acquisition has been paid by issuing 165,000 new depositary receipts of Fastned (representing 1.1% of the total number of outstanding depositary receipts in Fastned). One year from today (on 1 July 2021) a final settlement of the acquisition will take place based on the average closing price of the Fastned depositary receipts on Euronext during of the 40 trading days prior to 1 July 2021. For the depositary receipts, the seller agreed on a one-year lock-up period with only limited ability to sell the depositary receipts.

About Fastned

Fastned's mission is to give freedom to the electric driver and accelerate the transition to electric mobility. This is why Fastned is building a European network with one thousand fast charging stations. Here, electric drivers can add up to 300 km range in 15 minutes with electricity from the sun and wind. Fastned currently has 116 fast charging stations in the Netherlands, Germany and the United Kingdom. All stations are open to the public 24/7. Fastned is listed on Euronext Amsterdam (ticker AMS: FAST). More information: fastnedcharging.com