The Amsterdam-based company Fastned has raised over €24 million in fresh bonds to expand its European fast charging network. The overall funding has exceeded €27.5 million as investors have contributed an additional €3.5 million from previous bonds.

The firm, which was established in 2012, offers more than 280 rapid charging stations throughout the Netherlands, Belgium, Germany, and France, among other European nations. It also announced an expansion to Spain in January of last year.

Depending on the EV type, drivers can add up to 300 km of range in approximately 15 minutes. Interestingly, Fastned uses wind and solar energy to generate electricity.

Fastned provides a pay-as-you-go and subscription service. Paying on-the-go in the Netherlands is €0.69 per kWh, which is at the lower half of the rapid charging price range of €0.65 to €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.

Because the EU’s 2035 ban on gasoline and diesel vehicles depends on having a sufficient infrastructure for EV charging, companies in the EV charging industry stand to gain from the environmental imperative of shifting to electric transportation.

Meanwhile, there are more and more electric vehicles on the road. For the first time, more than two million EVs were registered in Europe in a single year in 2023.