Fastned revenue up 154% in fourth quarter 2021
Fastned, the European fast charging company, grew revenue related to charging by 154% to 4.9 million euro in the fourth quarter of 2021, up from 1.9 million euro in the same quarter last year. This strong increase is the result of higher utilisation rates of the stations on the back of strong electric vehicle sales across all markets in which Fastned is active, as well as a more than 40% increase in the number of stations in operation compared to the fourth quarter last year. These results were achieved in spite of increasingly stricter corona measures in the Netherlands as of early November.
“Looking back at 2021 I’m extremely proud of what we’ve achieved. Raising 150 million euro in equity in the first quarter enabled us to increase the speed of opening new stations and to give a strong push to the growth of our business.
“Together we worked hard to build and open new stations, giving our rapidly growing number of customers the freedom to continue their journey as quickly as possible. In the last quarter of 2021 we opened more stations than in all of 2020, and in more countries. I’m very happy to see all this hard work is reflected in the strong revenue increase in the fourth quarter of 2021. This is even more impressive given the often challenging circumstances, such as the global supply chain difficulties due to the pandemic and the energy transition putting a strain on grid operators delivering power to our stations.
“Gearing up our company for an accelerated path of sustainable growth was one of our key focus points of 2021. We participated in many tenders for new locations, which we expect to result in a strong pipeline of motorway locations over the coming years. Dedicated people are at the heart of future growth. That’s why we accelerated the inflow of talent, doubling our employee base during 2021, to make sure our organisation is ready for the future.”
Key numbers Q4
- Revenue related to charging: €4.9 million (+154% vs. Q4 2020)
- Volume: 7.8 GWh of renewable energy delivered (+128% vs. Q4 2020)
- Active customers Q4 2021: 112k (+109% vs. Q4 2020)
- 385k charging sessions handled (+98% vs. Q4 2020)
- 6,111 tonnes of CO2 avoided
- 38.9 million of electric kilometers enabled
- Charging revenues reached 4.9 million euro in Q4 2021, up 154% vs. Q4 2020. The result was realised on the back of accelerated station openings and strong BEV market momentum, with the stock of registered BEV increasing YoY by more than 40% in the Netherlands, 105% in Germany and 95% in the United Kingdom.
- Over the course of Q4 2021, Fastned added 24 stations to its network, bringing the total to 188 charging stations in 6 countries. Fastned opened 7 stations in the Netherlands (including retrofitting 2 MisterGreen locations), 6 stations in Germany, 5 stations in Belgium and 6 stations in France.
- Over the course of 2021, Fastned secured 44 locations to build new stations, bringing the total number of acquired locations to 331.
- A total of 137 additional ultra fast DC chargers were installed during the fourth quarter, following new station construction as well as upgrading existing stations, bringing the total number of chargers in the network to 759. The average number of chargers per station increased to 4.0 by year end 2021, compared to 3.5 a year ago.
- Utilisation during the fourth quarter of 2021 was 10.4% vs. 7.6% in the same quarter of the previous year, driven upwards by more charging sessions and downwards by opening new stations as well as upgrading stations resulting in significantly more capacity, in anticipation of increasing demand over the coming years.
- In November Fastned started delivering energy to customers in France at 4 out of of 9 stations at APRR locations, thereby adding a sixth country to its operating network. An additional 2 stations along the APRR motorways were opened in December, bringing the total size of the French network to 6 operating stations.
- In December, Fastned signed a partnership with Banque des Territoires, the territorial investment division of the French public institution Caisse des Dépôts, to support Fastned’s ambitions on the French motorway system. Under the partnership BdT will finance up to 49% of investments, with a maximum of 50 million euro.
- Fastned has won three tenders to develop and operate three fast charging stations along key private motorways in France. The tenders were organised by Autoroutes du Sud de la France (ASF), a subsidiary of VINCI, the French construction and concession company. Fastned is participating in tenders for charging stations across many French private motorways.
- In December, Fastned issued 2.8 million euro of new 5-year bonds with a coupon of 4.5%. This new bond issue was an extension and refinancing exercise, offered to investors holding bonds maturing in 2021 and 2022.
- Mid November, in response to the rising wholesale energy prices throughout Europe, Fastned increased its base price to customers from €0.59/kWh to €0.69/kWh in most countries.
- Over the course of 2021, Fastned hired 47 talented and mission-driven individuals, reaching a total of 109 people employed by year end. The new employees are key in securing and accelerating Fastned’s growth in the coming years.
- In 2021, Fastned opened 44 new stations, with an additional 7 stations ready for operation, but awaiting a connection to the electricity grid. This compares to the 45 to 55 target for new stations that Fastned communicated earlier for 2021. The delayed connections to the electricity grid means that these 7 stations will start operation in the coming period. Additionally 13 MisterGreen locations were retrofitted.
- In 2021, Fastned installed 164 additional chargers on existing stations, more than the target of 160 indicated by Fastned in Q3 2021.
Please note that elements of this press release contain or may contain information about Fastned B.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/ 2014 (Market Abuse Regulation). Fastned’s Consolidated Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS‐EU”) and with Part 9 of Book 2 of the Dutch Civil Code. All figures in this document are unaudited. Small differences are possible in the tables due to rounding or human mistakes. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward‐looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements. Any forward‐looking statements made by or on behalf of Fastned B.V. speak only as of the date they are made, and Fastned B.V. assumes no obligation to publicly update or revise any forward‐looking statements, whether as a result of new information or for any other reason. To the extent available, the industry, market and competitive position data contained in the Information come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.
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 188 fast charging stations in the Netherlands, Germany, the United Kingdom, Belgium, France and Switzerland. 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 is listed on Euronext Amsterdam (ticker AMS: FAST).