Fastned increases turnover by 191 per cent

European fast charging station operator Fastned almost tripled its charging-related revenues to 36 million euros in 2022 (+191 per cent compared to 2021). Fastned recorded a net loss of 22.2 million euros in 2022.

This is slightly less than in 2021 (24.6 million euros) and is explained by the high investments in the expansion and improvement of the charging network, the company said. Operating EBITDA rose by 244 per cent to 8.1 million euros. Without the investments, Fastned was profitable in its core operating business. The (massive) expansion is currently part and parcel of (fast) charging providers and usually costs even more than the ongoing operations bring in.

Fastned recorded more than 2.3 million charging processes in 2022 and expanded its network by 59 to 244 locations with a total of 1,237 DC chargers. This means that 15.65 euros in revenue were generated per charging transaction. During the 2.3 million charging processes, 51.9 GWh of green electricity was sold, which makes 22.5 kWh per charging process on average. It was not only the existing customers who were more frequent at the Fastned stations to explain the 114 per cent increase in charging operations to 2021. According to Fastned, the number of customers also increased by 96 per cent to 218,600 users.

“In 2022, we continued to make huge strides to grow our network and team for the accelerating transition to electric mobility. Despite turbulence in the energy market leading to price increases, we more than doubled kWh sales and exceeded two million successful charging sessions,” Fastned CEO Michiel Langezaal. said. “Moreover, we developed our network faster than ever before, with many new stations, as well as growing our pipeline of sites located on high traffic roads.”

Fastned has already secured capital for further expansion: 2022 said it raised €112 million in funding to support the future growth of the network, including a €75 million equity investment from Schroders Capital’s infrastructure fund. In addition, investors have provided €9.6 million from previous bond issues.

With the pace of construction increasing (of the 59 new charging parks, 30 were built in the fourth quarter) and a total of 376 sites in the pipeline, according to the announcement, Fastned reiterates its goal of operating over 1,000 charging sites by 2030. The Dutch company is not only concerned with the sheer number of locations, but also the user experience: Fastned points to high user satisfaction in surveys and Google location ratings. In addition, Fastned says it has retrofitted bins and green spaces at 48 locations in 2022.


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