European rapid charging company Fastned has received a strategic investment of €75 million (around £65 million) in a private placement from Schroders Capital to further expand its network.
The charging provider welcomed Schroders Capital as a new anchor depositary receipts holder in the capital of the Company. Schroders Capital’s commitment, which corresponds to a shareholding of 10.61%, is an important step in Fastned’s growth strategy towards 1,000 charging stations by 2030.
“I’m very pleased to welcome Schroders Capital as a long-term investor to Fastned,” said Michiel Langezaal, CEO of 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.
“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.”
Fastned intends to use the proceeds of the placement to fund its plans to expand the capacity of its existing stations, as well as accelerate the development and growth of its network of EV charging points.
“With Schroders Capital, one of Europe’s largest independent investment firms on board, Fastned is able to accelerate the pace of building fast charging stations even further, catering to the exponentially growing demand for fast charging services,” Langezaal continued.
“Building a wide and reliable fast charging network powered by wind and sun, plays an important part in the fight against climate change and the path towards energy independence.”
Fastned aims to have 1,000 charging stations across Europe by 2030.
In line with its long-term commitment, Schroders Capital will have the right to designate one person for appointment as supervisory board member, representing Schroders Capital in the supervisory board of Fastned. The supervisory board of Fastned will be expanded with one additional member, to four in total.
Initially, Schroders Capital intends to designate Jérôme Janssen, Co-head of Infrastructure Equity Investment at Schroders Capital, by the end of the year.
“As an infrastructure investor, we are intimately familiar with the strong need in charging infrastructure to accelerate the adoption of electric vehicles,” said Janssen.
“We are very proud to be part of the Fastned journey as European leader in EV charging, one of the next big infrastructure markets.”