Fastned welcomes €75 million investment via Schroders Capital
Summary
Amsterdam-based fast charging infrastructure for electric vehicles developer Fastned has received a 75 million private placement of 2,032,520 new depositary receipts representing the same number of new ordinary shares in the capital of the company via Schroders Capital.In so much, Schroders Capital now becomes the new anchor depositary receipts holder in the capital of Fastned.According to a statement released by Fastned, the proceeds of the placement will be used to fund further expansion of the capacity of its existing stations, the growth of its network of charging stations and plug more resources into government-related tenders.Founded in 2012 and based in Amsterdam, Fastned has built 215 fast charging stations across the Netherlands, Germany, UK, Belgium, France, and Switzerland. Fastned is listed on Euronext Amsterdam (ticker AMS: FAST). This not only provides Fastned with the funding to continue to roll out our network, enabling us to make the next big step toward reaching our goal of 1,000 stations before 2030. It also marks the start of a new phase with Schroders Capitals 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 Fastned CEO Michiel Langezaal. Their decision to play a part in the acceleration away from fossil fuels, towards a sustainable future and energy independence, at a time in which energy markets are turbulent and economic and geo-political circumstances uncertain, is admirable and something I applaud.The price per new security agreed with Schroders Capital represents a premium of 20% to the volume-weighted average price of the companys depositary receipts of ordinary shares (DRs) of the 1 month up to and including 14 October 2022.