Fastned grows revenues with 119%
Company behind European fast-charging network publishes half year results
Amsterdam, 27th of July 2017.
In a Year on Year (YoY) comparison with the first half year of 2016, Fastned’s volume, revenues, and number of active customers have all shown strong growth in the first six months of 2017:
- Volume: 398,653 kWh (+125%)
- Revenues: €186,829 (+119%)
- Number of active customers: 3,967 (+64%)
- Fastned growth significantly outpaced the market (47.8% more full EVs in the Netherlands in H1 2017 vs. H1 2016)
- Fastned became a founding member of the "Open Fast Charging Alliance"
- In March the first two fast charging stations of Fastned in The Netherlands passed the operational break-even point
- Six new stations were built, bringing the total number of stations in the Netherlands to 63
- The first 14 locations were acquired in Germany
- Fastned signed a framework agreement with Transport for London to realise rapid charging stations in the Greater London Area
- A partnership was signed with Van der Valk to develop charging stations in the Netherlands and in Belgium
- In June Fastned raised 7.7 million euro via a public issue of bonds
- In June Fastned raised 1 million euro of additional capital through the issue of certificates of shares to investment fund Ballotta B.V.
- Investor Breesaap converted its entire loan of 10.3 million euro into certificates of shares at a price of 10 euro per certificate
- Investor Flowfund extended its convertible loan of 2.5 million euro by two years to the end of 2020
Michiel Langezaal, CEO of Fastned:
“We look back at a first half year with continuing growth of revenues, kWhs delivered, and number of customers. Deliveries of new EVs in the Netherlands for the first part of the year were somewhat lower than expected but still amounted to 48% growth compared to H1 2016. There are now waiting lists for EVs such as the Opel Ampera-e and the Hyundai Ioniq EV. We expect a strong take-off of EVs once the “second generation EVs” with longer range becomes readily available in Europe. European deliveries of these cars, such as the Tesla Model 3 and Nissan Leaf II are announced for the beginning of 2018. Based on these developments and anticipated demand for fast charging services we invested a lot of time and resources during the first half year on our expansion to London, Germany, and Belgium. We believe that developing a portfolio of high quality locations across Europe will prove to be a very valuable asset once the EV revolution really takes off.”
The need for fast charging infrastructure was recently confirmed in an ING report, "Breakthrough of Electric Vehicle Threats European Car Industry", which points out that access to fast charging infrastructure is an important prerequisite for BEV adoption and that the charging speed is essential.
Note for the editor (not for publication):
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Fastned is a charging company that is building a European network of fast charging stations where all electric cars can charge as fast as possible. The stations are located at high traffic locations along the highways and in cities, where electric cars charge in an average of about 20 minutes. This will give electric cars the freedom to drive across Europe. As of today, Fastned has 88 stations operational in the Netherlands and Germany and is working on expanding its fast charging network to the rest of Europe. Fastned is simultaneously building fast charging stations in the Netherlands, Germany and the United Kingdom and is preparing for expansion in Belgium and Switzerland.