Fastned Surges Ahead: A 51.9% Increase in Sales and a Growing Charging Station Pipeline
Fastned, a leader in the European fast charging network, has reported a significant growth, with a 42.1% revenue increase totaling €18.9 million. The company, renowned for its fast charging solutions, has seen a surge in electricity delivery to electric vehicles (EVs), with a 51.9% increase, totaling 31.4 GWh in just the first quarter. This growth is supported by a 61.9% increase in active customers, now surpassing 389 thousand. With the EV market expanding by 43%, Fastned continues to outpace the overall EV stock growth.
In response to the burgeoning demand for charging infrastructure, Fastned is planning to expand its network substantially. The company has set ambitious goals to construct 38 to 53 new stations in 2024 and aims to have between 420 to 450 operational stations by the close of 2025. This expansion is expected to be funded through previous equity raises with institutional investors and future retail bond issuances, paving the way for Fastned’s continued growth in the fast-evolving EV market.
Michiel Langezaal, CEO of Fastned, emphasized the significance of their network’s growth and the critical role of promoting regulations, incentives, and taxation to ensure a sustainable shift towards electric mobility in Europe. He highlighted the upcoming European elections as a pivotal moment for Europe’s competitiveness and the electric transition of road transport.
Fastned’s Strategic Growth and Expansion
The company reported significant operational growth with an impressive 31.4 GWh of electricity delivered, marking a 51.9% increase. The growth in revenue reached €18.9 million, a 42.1% rise, and the gross profit escalated to €14.7 million, a 56.4% increase from the previous year. This growth is aligned with the 43% increase in EV stocks across Fastned’s operational markets, reinforcing the company’s leading position in the industry.
Fastned’s strategy to secure more high-traffic locations has been successful, with 52 new locations secured across Germany, Belgium, France, Spain, the Netherlands, and Italy, expanding the total pipeline to 483 locations. This includes notable wins in the Deutschlandnetz tender, adding significant value to Fastned’s network expansion efforts, particularly in Germany. With 307 operational stations across seven countries and plans to delve into new markets like Poland, Fastned is steadily increasing its footprint in the fast-charging infrastructure domain.
Additionally, Fastned is building a sustainable driving and energy transition-focused community, demonstrated by the growth in active customers and charging sessions. Collaborations with international lease companies like Arval, and the first multi-year Corporate Power Purchase Agreement (CPPA) in the Netherlands, underline Fastned’s commitment to a smooth charging experience and sustainable energy sources.
Looking Ahead: Fastned’s Vision for the Future
The charging market is experiencing a transition phase, with the European Union and local governments reassessing their approaches to sustainable mobility. Despite challenges, Fastned remains optimistic about the accelerated growth of the EV market, supported by technological advancements and a push for more sustainable alternatives to internal combustion engines.
With a focus on ambitious and sound regulations for building charging infrastructure, Fastned aims to continue its support for open and competitive tenders. Although faced with delays in large tenders and grid congestion challenges, the company’s secured 483 locations set a robust foundation for future expansion, aiming to reach 420 to 450 stations by the end of 2025 and targeting 1,000 stations before 2030.
Fastned’s commitment to growing its talented team and focusing on financial performance demonstrates its ambitious vision for the future. With guidance towards operational growth and financial stability, Fastned is paving the way for an electric mobility future, driven by sustainable and reliable fast charging infrastructure.
About Fastned: Since its inception in 2012, Fastned has been at the forefront of the electric mobility revolution in Europe. Operating a growing network of fast charging stations, Fastned provides drivers with a reliable, convenient, and enjoyable charging experience, powered by solar and wind energy. With its iconic, nature-inspired yellow stations, Fastned is on a mission to accelerate the transition to electric mobility and combat climate change, fostering a future where driving on renewable energy is the norm.
