Dutch EV charging startup raises €27.5M to grow European network

 Amsterdam-based Fastned has raised more than €24mn in new bonds to grow its fast charging network across Europe. Investors have also extended €3.5mn from earlier bonds, bringing the total funding to over €27.5mn.

Founded in 2012, the startup provides over 280 fast charging stations across several European countries, including the Netherlands, Belgium, Germany, and France. In January last year, it announced an expansion to Spain as well.

Drivers can add up to 300km of range in about 15 minutes, depending on the EV type. Notably, Fastned provides electricity using renewable energy from solar and wind power.

Fastned offers both a subscription and pay-on-the-go service. In the Netherlands, paying on the go costs €0.69 per kWh — on the lower end of fast charging pricing, which varies between €0.65 and €0.90.

“Accelerating the building pace of infrastructure for electric mobility is crucial given the expected exponential growth of the number of electric vehicles in the coming years,” said co-founder and CEO Michiel Langezaal.

The environmental imperative to switch to electric mobility provides a beneficial opportunity for companies operating in the EV charging space, as adequate charging infrastructure is key to enabling the EU’s ban on petrol and diesel vehicles in 2035.

In the meantime, the number of electric cars on the road is increasing. In 2023, EV registrations in Europe exceeded 2 million units for the first time in a single year.