Fastned further accelerates its European network by winning prestigious tenders
Fastned, the European fast-charging company, grew revenue by 44.0% in Q3 2024, reaching €21.9 million. In the third quarter, Fastned delivered 35.5 GWh (+38.5% vs. Q3 2023) to 474,000 active customers (+32.6% vs. Q3 2023) and once again outpaced the electric fleet, which grew by 34%. To cater to the growth of the charging market and to continue offering its awarded charging experience to more EV drivers, Fastned secured 114 locations in the last 12 months and aims to open 39 to 54 new stations this year.
A snapshot of Fastned’s performance during Q3 2024
In the past year, Earth broke records for 25 of the 35 so-called vital functions, according to the 2024 State of the Climate Report. Change is needed. Therefore, I am pleased to see that the number of companies mandating fully electric fleets has more than doubled. Large corporates are leading the way, with more than 60% already obligating EVs in the Netherlands.1 This is a great example of the EU CSRD legislation having a concrete impact. Fastned remains true to its mission to accelerate the transition to electric mobility and accelerates on its path to 1,000 charging stations by 2030. The high-profile wins in this last period in London, Denmark, and Switzerland show that tender authorities throughout Europe recognise the quality of Fastned's charging experience.
We continued on our growth path
- With over 35.5 GWh delivered (+38.5% vs. Q3 2023), our revenue grew to €21.9 million (+44.0 % vs. Q3 2023).
- The electric fleet across our operational markets was up 34% compared to the same period last year. Fastned continues to outpace the EV fleet growth.
- Station sales continue to grow, slightly lower than BEV growth. Energy delivered per station increased by 19% YoY.
We are securing more high-traffic locations and continue to expand our network
- During the period, Fastned secured 13 new high-traffic locations, bringing the total pipeline to 523 secured locations.
- Fastned added 8 new stations to its network this quarter. At the end of the quarter, Fastned had 326 operational stations across 7 countries.
- In addition to new stations, Fastned completely redeveloped its location Den Ruygen Hoek-West, which now offers 13 charging spots to cater for demand growth.
- The past month saw valuable tender wins in the UK, Switzerland, and Denmark, which will add another 17 locations to the secured pipeline during Q4:
- Places for London selected Fastned as the preferred partner for its new electric-vehicle charging hub joint venture. The first five ultra-rapid charging hubs will be delivered across London in 2026, with at least 20 more sites planned in future years as the joint venture progresses.
- In Switzerland, Fastned secured 11 new strategic locations along Swiss motorways in the Federal Roads Office (FEDRO) project tender.
- Fastned has been awarded the contract to build a new fast-charging station in Nyborg, directly next to the Storebælt Link in Denmark. The station will be one of the largest in Denmark and eventually accommodate up to 20 cars simultaneously.
We are building a community focused on sustainable driving and the energy transition
- Fastned has become the first European charging company to be B Corp-certified. B Corp is a sustainability certification that measures a company’s social and environmental impact.
- 474,122 active customers (+32.6% vs. Q3 2023) charged their cars 1.25 million times (+32.6 % vs. Q3 2023) on Fastned’s network.
1 Any location for which Fastned has acquired a right to run a charging business, with a contract signed or tender won, including operational stations
2 Source: Auto Week 2024
3 Source: ACEA 2024. Figures apply to July and September 2024 and compare to July and September 2023. EV stock growth is a sales-weighted average across Fastned’s operating footprint.
About Fastned
Fastned is on a mission to accelerate the transition to electric mobility. Since 2012, we’ve been at the forefront of European charging infrastructure development, building and operating a rapidly growing network of iconic fast charging stations. Our yellow, nature-inspired stations create a welcoming environment for drivers during the 15 minutes it takes to charge up to 300 km of range. By offering Europe’s most reliable, convenient, and joyful charging experience, we aim to inspire millions to drive on solar and wind energy so that together we can curb climate change. Fastned is listed at Euronext Amsterdam (AMS: FAST) and is a certified B Corp.