electric car home charging stations:Fastned strengthens balance sheet
Investment fund Breesaap has decided to convert its entire loan to Fastned into certificates of shares as per 30 June 2017. The outstanding loan of 10.3 million euro will be converted to equity at a price of 10 euro per certificate. This significantly reduces Fastned’s debt and creates a positive equity position for the company. On top of this, investor Flowfund has decided to extend its convertible loan to Fastned of 2.5 million euro with two years until 31 December 2020.
The conversion and renewal comes only weeks after Fastned's recent 7.7 million euro bond issue and equity investment of 1 million euro by investment fund Ballotta; with the option to expand to 2.5 million euro. Fastned will use the newly raised funds to expand its network of fast charging stations in the Netherlands, Germany, Belgium and the United Kingdom.
Director Bart Lubbers of Breesaap: "The transition to electric mobility contributes to the achievement of the Paris Agreement on climate change. Breesaap has ever more confidence in Fastned and the future of electric mobility. The reason for this conversion is the rapid growth of Fastned in terms of revenues, volume, and newly acquired locations. Also, the market is developing rapidly with the upcoming introductions of new fully electric models by Tesla, Nissan, Volkswagen, Jaguar and others in the fall of 2017 and beginning of 2018."