Fastned has stations in the UK, Germany, and the Netherlands and intends to expand into Belgium, France and Switzerland next.Credit: Fastned
Dutch fast charging company delivered nearly 8GWh of electricity to 42,800 customers in 2019, as financial results were overshadowed by coronavirus concerns
Fastned’s revenues from its fast charging network grew 175 per cent to €4.5m last year, according to results posted yesterday by the leading electric vehicle infrastructure specialist.
In financial results that were somewhat overshadowed by the on-going coronavirus crisis, the Dutch fast charging company revealed it delivered nearly 8GWh of electricity to 42,800 customers in 2019.
Despite total revenues soaring to €6.4m in 2019 from €1.6m in 2018, overall EBITDA remained negative due to the company’s ongoing expansion with losses reaching €3.3m.
In a press release accompanying the 2019 results, the company noted that social distancing policies arising from the coronavirus outbreak were impacting the business. As the coronavirus crisis has escalated and stay-at-home policies have become more stringent, daily sales plummeted by 70 per cent between mid-February and mid-March, Fastned revealed.
“Fastned will not be exempt from the consequences of the corona crisis,” chief executive Michiel Langezaal acknowledged. “People drive less and as a result our charging stations are visited less frequently. We expect that this will continue for at least several months this year. We also expect delays in the construction of stations and the upgrading of existing ones. We postponed the construction of several new stations to increase our cash buffer.”
However, Langezaal suggested economic measures implemented to combat the Covid-19 crisis may boost business in the long-term. “These stimulus packages could very well support the energy transition,” he said. “New electric cars will hit the road: assembly lines for electric vehicles have been built and battery supplies have been secured.
“Some electric vehicles will be delayed, but eventually they will arrive. The transition to electric mobility will not suddenly come to a halt. Our market will continue to grow.”
At the close of last year, Fastned had 114 operational stations, installed mostly in the Netherlands wth 98 stations and Germany with 15 stations. The company also has one operational fast charging station in the UK.
The company wants to roll out more than 1,000 fast-charging stations across Europe and intends to expand into Belgium, Switzerland and France next.