Fastned revenue up 15% in first quarter

Summary

Fastned, the European fast charging company, grew revenue related to charging by 15% to 2 million euro in the first quarter of 2021, up from 1.7 million euro in the same quarter last year. The first quarter results were achieved despite increased Corona related lockdown measures significantly affecting travel and demand for charging, and mainly supported by an ever-growing underlying EV market.

Fastned_graph_MWh sold

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Michiel Langezaal, CEO Fastned: “We are happy with these results, although revenues are still significantly impacted by continuing lockdown measures. When these restrictions are lifted in the coming months, we can expect accelerated growth. To accommodate for this, and based on our recent 150 million euro equity raise, we are accelerating the expansion of the capacity of our network both by building new stations as well as adding more and faster chargers to existing stations.”

Michiel Langezaal, CEO Fastned

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Key numbers

Revenue related to charging: 2.0 million euro (+15% vs. Q1 2020)
Volume: 3.6 GWh of renewable energy delivered (+13% vs. Q1 2020)
2.8 million kg of CO₂ avoided
17.8 million of electric kilometers enabled
Active customers Q1 2021: 55,684 (+34% vs. Q1 2020)
Over 194K charging sessions handled (+10% vs. Q1 2020)

Highlights Q1

Over the course of Q1 2021, Fastned grew its network to 134 charging stations, each with multiple chargers. Fastned strengthened its position in two of its newest markets, Belgium and Switzerland, where it opened additional stations
The number of acquired locations reached 300 as of Q1 2021 (YE 2020: 287), including 134 stations operational (YE 2020: 131)
A total of 39 additional ultra fast DC chargers were installed during the first quarter, as part of new station construction as well as upgrading of existing stations, bringing the total number of chargers in the network to 495. The number of chargers per station reached 3.7, vs. 3.5 YE 2020
As a consequence of lockdown measures and of Fastned’s progress in station upgrades to expand capacity, utilisation during the first quarter of 2021 was 7.5% vs. 9.3% in Q1 2020
On the back of market momentum and the foreseen increase in demand for fast charging, Fastned raised 150 million euro in gross proceeds through an accelerated bookbuild in February. The proceeds are being directed towards the construction and development of the committed pipeline, accelerating the development of the potential pipeline and funding the capex for significant upcoming government related tenders, including in France and Germany
In March, Fastned was selected as the best fast charging company in the Netherlands by ANWB (the Dutch organization for traffic and tourism), compared to Ionity, Shell Recharge and Allego. The result is further evidence of Fastned’s strong commitment to provide customers with a seamless and reliable charging experience

Looking forward at 2021

The 150 million euro in gross proceeds raised in February allows Fastned to significantly accelerate the development of her network and organisation
In 2021, Fastned expects to build at least 40 stations across its markets and is ramping up to increase this number substantially next year. This will bring the total number of charging stations to at least 170 expected per YE2021 (YE 2020: 131)
To cater for an expected post lockdown demand increase, Fastned expects to install around 200 additional chargers at around 100 existing stations, mainly in the Netherlands
As a result, the number of chargers is expected to increase to more than 800 per YE2021 (YE 2020: 456). The average number of chargers per station is expected to reach more than 4.5 (YE 2020: 3.5). This is line with Fastned’s strategy of developing highly scalable stations, allowing Fastned to cater for increased charging demand due to a strongly growing fleet of electric vehicles
As Fastned is scaling its business both in terms of construction and upgrade efforts, as well as in terms of network development capacity, Fastned is also expanding the team to make this a reality. As a result of this, Fastned expects the number of FTEs to roughly double over the coming 12-24 months from a number of 75 per end of Q1

Today from 11:00am to 12:00am CET there will be a webcast about the annual results of 2020 and the Q1 2021 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.

About Fastned

Fastned has been developing fast charging infrastructure for electric vehicles across Europe since 2012. Fastned’s mission is to accelerate the transition to sustainable mobility by giving freedom to electric drivers. Based in Amsterdam, the company has built 135 fast charging stations in the Netherlands, Germany, the United Kingdom, Belgium and Switzerland. Fastned is working on the expansion into France. The company specialises in developing and operating fast charging infrastructure where drivers can charge their electric vehicle with up to 300 km of range in 15 minutes before continuing their journey. Fastned has 70+ employees across 6 markets (the Netherlands, Germany, the United Kingdom, Belgium, France and Switzerland) and is listed on Euronext Amsterdam (ticker AMS: FAST).