First listed company on Nxchange raises EUR3 million

Source: Nxchange

Fastned raises EUR 3 million through new stock exchange Nxchange, the first pan-European stock exchange where companies can raise capital within their own network and communities, through their own website.

Fastned, which is building a European network of rapidly charging stations for electric vehicles, is the first organisation to raise a large sum from its own stakeholders via Nxchange and without the aid of banks or brokers. Fastned was able to invite its network to take part in the share issue via Nxchange’s central trading platform and on its own website. This gives the community around Fastned the opportunity to invest directly while trading over a regulated platform. Investors signed up in large numbers within five weeks, and the secondary market also started working well straight away.

Fastned will use the proceeds of the share issue to fund new charging stations in the Netherlands and for further expansion throughout Europe. Fastned is responding to the rapidly growing market for electric vehicles, and envisages a pan-European network of rapidly charging stations, which can charge vehicles of all makes by 2020.

Michiel Langezaal, CEO of Fastned, says: “We have been able to see in recent weeks that Nxchange’s platform is working for us in the way we’d hoped. Investors, who mainly come from our own network, are now able to make their own investment in Fastned and have been able to come together via the Nxchange platform to form an active community.”

Marleen Evertsz, CEO of Nxchange, says: “We are delighted that our white label exchange has produced a good result for Fastned. Their listing on Nxchange places Fastned closer to its investors and has made it less dependent on traditional financial service providers. We expect to be able to announce new listings on Nxchange in the very near future.”

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