Fastned has raised €36.5 million in its latest retail bond issue, providing fresh capital for its European expansion as the Dutch fast-charging specialist continues to build stations faster than it turns a net profit.

The company said €35.1 million of the June issue came from new investments, with the balance rolled over by existing bondholders. It is Fastned’s 21st retail bond tranche, bringing the total outstanding bond amount to €337 million.

The fundraising underlines the unusual financing model that has helped Fastned grow from a Dutch start-up founded in 2012 into one of Europe’s better-known independent fast-charging operators.

Private investors

Rather than relying solely on infrastructure funds, carmakers, or oil groups, Fastned has repeatedly tapped thousands of private investors in the Netherlands and Belgium, as well as equity investors and, more recently, banks.

Fastned now operates 423 stations in nine countries. Its strategy is to own and operate large, high-power hubs at high-traffic locations, marked by the company’s distinctive yellow solar canopies, rather than act mainly as a charger supplier or software platform.

The group is targeting 70 to 100 additional stations this year, bringing its network to between 476 and 506 sites and on track to reach 1,000 stations before 2030.

The operating figures are moving in the right direction. Charging revenue rose 47% to €122.4 million in 2025, while operational EBITDA increased to €43.7 million.

In the first quarter of 2026, charging-related revenue rose another 40% year on year to €39.2 million. Average annualized revenue per station reached €387,000, while operational EBITDA per station was €166,000.

Net loss of $30.3 million

Yet Fastned remains a capital-intensive expansion story, not a fully profitable utility-like business. It reported a net loss of €30.3 million for 2025, despite positive underlying company EBITDA of €8.3 million.

The gap reflects the cost of opening new sites, running a larger organization, depreciation, and financing. The new bonds, therefore, strengthen Fastned’s ability to keep building, but also add to a debt-funded growth model that depends on charging volumes continuing to rise.

The company’s funding base is becoming more diversified. In January, Fastned secured a green loan facility of up to €200 million from a banking syndicate, including €100 million of committed financing for Belgium and Switzerland.

Fastned said at the time it had raised more than €740 million in total funding since its launch. The subsequent March and June bond issues add more than €65 million in new retail capital.

Competition is becoming more expensive

Competition is also becoming more expensive for drivers. IONITY, backed by major carmakers, secured up to €600 million in loan financing in 2025 after a €700 million equity round in 2021.

IONITY will raise its tariffs from 1 July, bringing its direct price to as much as €0.78 per kWh in Belgium and €0.82 in the Netherlands, close to Fastned’s €0.77 standard tariff in both markets and above its roughly €0.69 app-based rate.

IONITY remains cheaper for frequent users through its €11.99-a-month Power subscription, which offers charging from €0.43 per kWh, compared with Fastned Gold at €0.54 per kWh for €5.99 a month.

It also has a much larger European footprint, with more than 850 locations and 6,000 charge points across 24 countries, compared with Fastned’s 414 stations in 9 countries at the end of the first quarter.

Both networks offer charging at up to 400 kW, leaving Fastned to compete mainly on site quality, dense coverage in the Netherlands and Belgium, simpler pricing for occasional users, and its ability to raise utilization across its own network.

Tesla retains the advantage of a vast charging network tied to its vehicle ecosystem, while oil companies and utility-backed networks can fund expansion from much larger balance sheets.

Focus on utilization and station economics

Fastned’s response is to focus on utilization and station economics. Its bet is that well-located, large-scale hubs will become increasingly profitable as Europe’s electric-car fleet grows.

The latest bond issue suggests retail investors are still willing to finance that bet. The harder question is whether Fastned can convert strong station-level economics into sustained net profitability before the competitive land grab for Europe’s best charging locations becomes even more expensive.