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Fastned Announces Intention to List on Euronext Amsterdam

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Fastned Announces Intention to List on Euronext Amsterdam Not for release, distribution or publication in whole or in part, directly or indirectly, in or into the United States, Australia, Canada or Japan or in any jurisdiction in which such a release, distribution or publication is unlawful Fastned announces intention to list on Euronext Amsterdam Amsterdam, 9 April 2019. Fastned B.V. (Fastned or the Company), the charging ​ company which is building a European network of fast charging stations for fully electric vehicles, intends to list on Euronext Amsterdam in the first half of 2019. Fastned’s mission is to give freedom to electric drivers, thereby accelerating the transition to sustainable mobility. Fastned’s Highlights ● Amsterdam based Fastned is a pioneer in the development and operation of a network of fast charging stations that provide 100% renewable electricity for fully electric vehicles (FEVs); ​ ​ ● Since its start in 2012, Fastned has built a network of 91 fast charging stations, of which 80 stations in the Netherlands, 11 in Germany and the first station in the UK is about to be opened; ● Fastned has expansion plans for other countries in Europe, with a focus on Belgium, Switzerland (where it recently won a tender for 20 locations) and France; ● Fastned has shown consistent strong growth in volume and revenues, with a compounded growth rate of 30% for its quarter-on-quarter revenue in the 2015 – 2018 period. ● Fastned believes it is uniquely positioned to benefit from the mega-trend towards full electrification of mobility, supported by (i) government support in the form of regulations and incentives, (ii) increasing supply of FEVs as a result of large investments in FEV manufacturing facilities by car manufacturers, (iii) battery technology advancements combined with decreasing battery prices, (iv) growing consumer preferences to drive FEVs, and (v) increasing charging speed in combination with fast charging infrastructure; ● Through its highly-scalable network of fast charging stations, Fastned provides essential infrastructure to help facilitate the accelerating growth of FEV adoption in the Netherlands and other European countries. Equipped with a valuable set of exclusive rights to apply for permits to operate fast charging stations along Dutch highways, Fastned decided in 2012 to start investing in fast charging stations ahead of the expected significant market demand for its services. As a result of this early start Fastned now has the infrastructure, systems, procedures and know-how in place to take advantage of the accelerating growth of the number of fully electric vehicles on European roads. Fastned has ambitious growth plans to realise a European network of fast charging stations, and therefore considers the intended listing on Euronext Amsterdam a logical next step in the development of the Company. 1 Not for release, distribution or publication in whole or in part, directly or indirectly, in or into the United States, Australia, Canada or Japan or in any jurisdiction in which such a release, distribution or publication is unlawful Michiel Langezaal, CEO of Fastned: Fastned is a rapidly growing fast charging company in Europe. With over five years of experience in building and operating a network of fast charging stations, we are well positioned to benefit from the accelerating transition to full electric vehicles. Fast charging stations are key infrastructure that can scale rapidly to cater to the fast growing demand for charging infrastructure. In light of these developments, we consider it the right time to list on Euronext Amsterdam. This listing will create additional funding flexibility and will offer more investors the possibility to invest in the mega trend towards electrification of mobility.” Rationale for the Euronext listing Fastned is currently listed on the trading platform Nxchange in the Netherlands and intends to list on Euronext Amsterdam in the first half of 2019. Fastned aims to build a European network of fast charging stations. A listing on Euronext is a logical next step in the development of Fastned as it will create additional funding flexibility and broaden Fastned’s access to the capital markets to help implement its growth strategy. In addition, it will further enhance Fastned’s profile and brand recognition with investors, business partners, clients and employees. Fastned has appointed ING Bank N.V. (ING) to act as listing agent for the proposed listing of ​ ​ Fastned on Euronext Amsterdam. Subject to market conditions, Fastned aims to actively use its Euronext listing for the issuance of new depositary receipts for shares to help fund the capital expenditures associated with its on-going roll-out and implementation of its growth strategy. Leadership team and governance Fastned currently has 50 employees, working in Amsterdam and at its offices in Cologne, London, and Ghent, the vast majority of which is focused on the growth of the Company’s operations. In light of the proposed Euronext Amsterdam listing, the management board of Fastned will comprise of two members being Michiel Langezaal, one of the founders and Chief Executive Officer, and Niels Korthals Altes, the Chief Commercial Officer and Head of Funding. Both are experienced professionals in this young but rapidly growing industry. Simultaneously, Fastned is in the process of establishing a supervisory board, which will be chaired by Bart Lubbers, one of Fastned’s founders and currently a member of the management board, and will include two additional independent members. All shares in the capital of Fastned are held by the Fastned Administratie Stichting (a foundation), which in turn issued depository receipts for these shares to investors. This structure was implemented on 7 March 2014 and will remain in place upon completion of the Euronext listing. 2 Not for release, distribution or publication in whole or in part, directly or indirectly, in or into the United States, Australia, Canada or Japan or in any jurisdiction in which such a release, distribution or publication is unlawful Business description As of today, Fastned has 91 stations operational in the Netherlands and Germany and is about to open its first station in the United Kingdom. Fastned's mission is to give freedom to drivers of FEVs and accelerate the transition to sustainable transportation. Fastned intends to realise its mission by delivering fast charging services to drivers of FEVs through the development and operation of scalable fast charging stations at high traffic locations. Each location has multiple fast chargers allowing FEV drivers to charge their car quickly and continue their journey. All of Fastned's stations are equipped with multi-standard fast chargers that enable charging with global charging standards CCS and CHAdeMO. Fastned’s core activities include selling electricity to its customers at fast charging stations, as well as developing new locations: scouting and selecting new sites, developing new stations (securing the necessary land leases, obtaining the required permits and procuring grid connections), managing the construction of stations, operating and maintaining stations, acquiring funding for network expansion and building the brand and customer base, with the aim to provide the best charging experience for FEV drivers. Fastned started out in the Netherlands and has the goal to build a European network of fast charging stations. In addition to its network of 80 stations in the Netherlands, Fastned currently has 11 operational charging stations in Germany and will soon open its first station in the United Kingdom. Fastned is acquiring and developing more locations in all of these countries and, in addition, is acquiring and developing locations in Belgium, Switzerland and France. Financial and operational metrics of Fastned FY2018 FY2017 Growth Q1 2019* Q1 2018* Growth ​ ​ Revenue (€ 1,638 €556 +195% €844 €252 +236% 1,000) 1 kWh 2,903 1,006 +189% 1,520 483 +215% delivered (x1,000) Number of 85 63 +35% 90 66 +36% stations operational Number of 17,923 6,279 +185% 22,717 8,303 +174% 2 Customers * ​ This financial information has not been audited or reviewed by an external auditor. For further information see the press release that Fastned has issued today in relation to its performance over Q1 2019.3 1 kWh = kilo-watt per hour, a metric that is commonly used as a unit for energy delivered ​ 2 Customers who have charged at least once in the last quarter of the full year, respectively, the relevant quarter 3 In its previous quarterly trading updates Fastned’s reported Revenue related to the sales of electricity only. ​ Starting with this report on the first quarter of 2019, the Revenues reported includes sales of electricity and maintenance fees and other operating revenues. The presented growth of Revenues in Q1 2019 compared to Q1 2018 is on a like-for-like basis. 3 Not for release, distribution or publication in whole or in part, directly or indirectly, in or into the United States, Australia, Canada or Japan or in any jurisdiction in which such a release, distribution or publication is unlawful Market developments impacting the adoption of EVs Fastned believes that there is significant growth opportunity for fast charging services in Europe, which is supported by the rapidly growing numbers of electric vehicles (EVs) in Europe. Bloomberg New Energy Finance predicts that EVs (comprising FEVs and plug-in 4 hybrid EVs) will reach 45% of the car fleet in Europe in 2040 and European car manufacturers, such as Volkswagen Group, have announced higher investments and faster roll-out programmes. Under EU legislation, by 2021 – and phased in from 2020 – the fleet average to be achieved by all new cars is 95 grams of CO per kilometre, which forces ​2 European car manufacturers to invest in EVs. In the Netherlands, Fastned’s core market, the penetration of FEVs (as a percentage of the 5 total car fleet) at the end of 2018 was circa 0.54% and is expected to grow. This is supported by the increase of the market share of FEVs expressed as a percentage of new car registrations, which was 7.32% in the first three months of 2019, compared to 3.15% in 6 the first three months of 2018.
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