Fastned, the European fast-charging network, has successfully completed an accelerated bookbuild offering (of 1,875,000 new depositary receipts of ordinary shares, at €80 each) to qualified investors, which results in €150 million ($181 million) in gross proceeds.
According to the press release, the new securities represent about 12.5% of the company’s existing issued share capital.
Fastned explains that the proceeds from the offering will be utilized mostly to fund the expansion of its fast-charging network, which currently consists of 133 stations.
In the pipeline, there are 164 additional stations, which means that there is an intention to reach 300 stations in the not too far future. Among the top markets, Fastned mentions France and Germany.
Michiel Langezaal, CEO of Fastned said:
“We are very happy with this successful capital raise which allows Fastned to significantly accelerate its expansion plans. It enables us to build more and bigger fast charging stations across multiple countries, living up to our mission of accelerating the transition towards sustainable mobility by giving freedom to electric drivers.
Moreover, this transaction has attracted solid institutional investors to Fastned’s shareholder base, and provides a substantial increase of the free float of the depositary receipts traded on Euronext Amsterdam. Both are supportive to our continued growth, and in line with our ambition to become the leading fast charging network in Europe.”