Fastned, an electric vehicle (EV) charging solutions company, has raised €10.8 million (~$11.4 million) with the issue of new bonds to finance its further expansion.

In addition, investors extended €2.3 million (~$2.4 million) worth of investments from earlier issues, bringing the total issued amount in this round to over €13 million (~$13.8 million).

The newly issued bonds will mature in June 2027.

From November 29 to December 21, investors had a chance to subscribe to the bonds with 5% interest and a maturity of 4.5 years.

Fastned bondholders who bought bonds before April 2019 could extend their investment by exchanging them for the ones in the new issue.

Fastned operates more than 230 stations in the Netherlands, Germany, the United Kingdom, Belgium, France, and Switzerland. It is working on expanding its fast-charging network to the rest of Europe.

In October this year, the company secured a €75 million (~$74 million) long-term strategic investment to expand the capacity of its existing charging stations, accelerating the development and growth of its network of charging stations and the funding of CAPEX for government-related tenders as well as for general corporate purposes.

“This year, Fastned built more stations than in any year before, and we intend to increase the built-pace even further in the coming years to reach our goal of one thousand stations before 2030. We can only do that with the support of our investors, and I’m proud to see that many bondholders are committed to helping us accelerate the transition to e-mobility. Investing in Fastned means investing in a fossil fuel-free future and helping us build more new stations, enlarge existing ones, hire new talents, and meet the exponentially growing demand for EV charging.” Victor Van Dijk, CFO Fastned.

According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency, the total corporate funding (including venture capital funding, public market, and debt financing) for energy storage, smart grid, and efficiency companies in the first nine months (9M) of 2022 was up 66% year-over-year (YoY) with a record $25 billion compared to $15.1 billion raised in 9M 2021.