Fastned revenue up 96% in third quarter 2021
Fastned, the European fast charging company, grew revenue related to charging by 96% to 3.2 million euro in the third quarter of 2021, up from 1.6 million euro in the same quarter last year. The third quarter results were achieved on the back of strong electric vehicle sales across all markets in which Fastned is active. Traffic levels and the demand for charging were still affected by Corona measures.
“I’m very happy that we were able to almost double our revenues versus the same quarter last year. And that we are slowly returning to the pre-Corona situation: with almost every day being a new record day. More importantly, the company is really accelerating in the wake of our successful 150 million euro capital raise last February. In just 6 months we were able to welcome 38 new colleagues while maintaining a very high talent density, bringing the total up to 100 employees currently. And these people are already helping to accelerate things such as subscribing to tenders in France, scaling up the construction of stations and elevating our data and tech backbone.”
- Revenue related to charging: €3.2 million (+96% vs. Q3 2020)
- Volume: 5.5 GWh of renewable energy delivered (+89% vs. Q3 2020)
- Active customers Q3 2021: 88,830 (+88% vs. Q3 2020)
- 282K charging sessions handled (+66% vs. Q3 2020)
- 4,324 tonnes of CO2 avoided (+89% vs. Q3 2020)
- 27.5 million of electric kilometers enabled (+89% vs. Q3 2020)
- Revenues from charging reached 3.2 million euro in Q3 2021, up 96% vs. Q3 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 50% in the Netherlands, 130% in Germany and 100% in the United Kingdom.
- Over the course of Q3 2021, Fastned added 21 stations to its network, bringing the total to 164 charging stations in 5 countries. Fastned opened 14 stations in the Netherlands (including retrofitting 11 MisterGreen locations), 4 stations in Germany, 2 stations in Belgium and 1 station in the United Kingdom.
- The number of acquired locations reached 321 as of Q3 2021 (YE 2020: 287).
- A total of 78 additional ultra fast DC chargers were installed during the third quarter, as part of new station construction as well as upgrading existing stations, bringing the total number of chargers in the network to 622. The average number of chargers per station reached 3.8, vs. 3.5 by year-end 2020.
- Utilisation during the third quarter of 2021 was 7.9% vs. 7.2% the previous year, driven upwards by more charging sessions on one side and downward by building new stations and upgrading stations resulting in significantly more capacity, in anticipation of increases in demand over the coming years.
- Fastned opened the first two fast charging stations along Belgian highways, on the busy route between Antwerp and Brussels. The stations were officially opened by Flemish Minister of Mobility Lydia Peeters.
- Fastned started the construction of stations in France, the sixth country in which it is active, with the aim to deliver 9 new highway stations along key French motorways by the end of the year.
- In July, Fastned won 10 new locations directly at entry- and exit-ramps along important Flemish highways. In conjunction with the allocation of locations by the Flemish Minister of Mobility a 0.6 million euro subsidy for these locations was granted by BENEFIC.
- In August, the Dutch Council of State ruled that there is a limit to the number of charging poles that a petrol station may install.
- Over the course of 2021, Fastned hired 38 talented and mission-driven individuals, reaching a total of 100 people employed at the end of Q3. The new employees are key in securing and accelerating Fastned’s growth in the coming years.
- Fastned remains confident in its 45+ target of stations built in 2021, seeing the potential of reaching up to 55 stations in light of the current construction pipeline.
- The chargers target has been revised to 160 new chargers installed on existing stations instead of 200. This as a result of higher focus on station construction, grid connection delivery delays and the change to a more encompassing stations upgrade plan in Germany, to be implemented in Q1 2022. By the end of the year the network will count between 176 and 186 stations (excluding 11 retrofitted MisterGreen locations) and between 750 and 800 chargers.
- Electricity prices on the wholesale market have increased significantly over the last weeks. Fastned is partly hedged for this increase through the sale of Renewable Energy Credits (HBEs). Additionally, Fastned has full control over the sales price, and is currently contemplating moving towards a more dynamic pricing strategy, to reflect price trends of the European wholesale electricity market.
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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 164 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 is listed on Euronext Amsterdam (ticker AMS: FAST).