Fastned, an EV Charging company, secured a €75 million (~$74 million) long-term strategic investment from Schroders Capital.
Based in Amsterdam, Fastned has been developing fast-charging infrastructure for electric vehicles across Europe since 2012. The company has built 215 fast charging stations in the Netherlands, Germany, UK, Belgium, France, and Switzerland and aims to expand its charging station portfolio to 1000 stations by 2030.
The company intends to use the funds 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.
Fastned grew their charging-related revenue by 217% in the third quarter of 2022, driven by a strong battery electric vehicle market momentum, with the stock of registered BEV increasing YoY by more than 40% in the Netherlands, 70% in Germany and 76% in the United Kingdom.
“I’m very pleased to welcome Schroders Capital as a long-term investor to Fastned. This not only provides Fastned with the funding to continue to roll out our network, enabling us to make the next big step towards reaching our goal of 1,000 stations before 2030. It also marks the start of a new phase with Schroders Capital’s large institutional sustainable infrastructure fund coming on board as an anchor investor, taking a long-term perspective on our business and industry, and being willing to actively support our growth plans,” commented Michiel Langezaal, CEO of Fastned.
In line with their long-term commitment, Schroders Capital will have the right to designate one person for appointment as a supervisory board member, representing Schroders Capital in the supervisory board of Fastned.
According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency. VC funding in Smart Grid companies in 9M 2022 was 162% higher, with a record $2.5 billion compared to the $936 million raised in 9M 2021. Spanish EV Charging company Zunder recently raised €100 million (~$97 million) from sustainable investment manager Mirova. With new funds, the company will speed up the rollout of ultra-fast EV charging stations in Southern Europe.