Press release Fastned’s revenues up 54% in Q3 2020
Fast charging company Fastned has grown revenues related to charging by 54% in the third quarter of 2020 compared to the same quarter in 2019. Fastned’s sales rebounded from lock-down related lows in March earlier this year. Further growth was hampered because many drivers of electric vehicles were still working from home.
What is not reflected in our numbers is the quantum shift in our underlying market, with fully electric vehicle deliveries in many of our markets moving from 1-2% of total car sales in 2019 , to 5-10% in September of this year. Once people start moving again, we expect to see accelerated sales growth. Therefore, we continue to expand capacity by building new and bigger stations. I am really proud that just in the last few days our team opened the largest charging hub of Germany, as well as delivering our first station in Belgium. The latter will be officially opened at the end of October, adding a fourth country to our network.
Key numbers
- Revenue related to charging: € 1.6 million (+54% vs. Q3 2019)
- Volume: 2.9 GWh of renewable energy delivered (+50% vs. Q3 2019)
- Active customers Q3 2020: 47,213 (+53% vs. Q3 2019)
- Over 167K charging sessions
- 2.25 million kg of CO2 avoided
- 14.3 million electric kilometers enabled
Highlights Q3:
- Fastned sold 50% more renewable electricity in Q3 2020 compared to Q3 2019, avoiding 2.25 million kg of CO2 emissions. In the same period the number of fully electric vehicles registered grew by 83% in the Netherlands and 63% in Germany.
- Fastned opened its 100th fast charging station in the Netherlands.
- In total 7 new stations were opened, bringing the total up to 123 Fastned stations by the end of September.
- With the acquisition of the fast charging entity of MisterGreen, Fastned acquired the rights to operate fast charging stations on 16 key highway locations in the Netherlands.
- Breaking ground in two more countries, with the start of construction of two new stations in Switzerland and one in Belgium.
- A total of 32 additional fast chargers were installed on 15 existing stations as part of a station upgrade programme. More than half of Fastned’s stations now have chargers with a charging speed of 150 kW or more.
- In July, Fastned raised over 13 million euro with the issue of bonds. In addition, investors have exchanged 2.7 million euro worth of bonds from earlier issues, bringing the total issued amount to more than 16 million euro.
- The current cash buffer is expected to guide Fastned well into 2022.
Today from 11:00am to 11:40am CET there will be a webcast about the Q3 2020 trading update. To join the webcast please click here to pre-register. Please find the investor presentation here.
Afterwards the webcast will be published on our website.
Fastned's mission is to give freedom to the electric driver and accelerate the transition to electric driving. That is why Fastned is building European network of a thousand fast charging stations powered by electricity only from sun and wind. At these stations, electric drivers can add up to 300 km range in 15 minutes. Fastned currently has 126 fast charging stations in the Netherlands, Germany, the United Kingdom and Belgium. All stations are open to the public 24/7. Fastned is listed on Euronext Amsterdam (ticker AMS: FAST). More information: fastnedcharging.com.