Fastned, a company based in Amsterdam, has secured over €27.5mn for expansion, with new bonds raising €24mn and earlier investors extending €3.5mn. The startup, which was established in 2012, operates more than 280 fast charging stations in multiple European countries, and has recently announced plans to expand into Spain.
What’s Happening & Why This Matters
At these stations, drivers of electric vehicles are able to add up to 300km of range in just 15 minutes, making use of renewable energy from solar and wind power. Fastned offers two payment options – subscription and pay-on-the-go. The latter incurs a cost of €0.69 per kWh in the Netherlands, placing Fastned on the low end of fast charging pricing, which generally ranges from €0.65 to €0.90 per kWh.
According to Michiel Langezaal, the co-founder and CEO of Fastned, it is crucial to accelerate the development of electric mobility infrastructure in anticipation of the exponential growth of electric vehicle numbers in coming years. With the EU set to ban petrol and diesel vehicles in 2035, companies in the EV charging industry are presented with a significant opportunity.
t/f Summary: What’s Next
In the meantime, the number of electric cars on European roads has been steadily increasing, with over 2 million EVs registered in 2023. This investment emphasizes the urgent need for a robust, rapidly expanding charging network.