Fastned Achieves Network Wide Operational Break Even
Fastned tripled its revenues during Q3
“In September, the network as a whole surpassed break even on an operational level. All operational costs associated with its stations were covered by revenues.”
During the third quarter of 2018, Fastned reports:
- Revenue: € 352,609 (+199% vs. Q3 2017), on average at €0.50/kWh
- Volume: 703,491 (kWh) (+187% vs. Q3 2017), on average customers used 55 kWh in Q3
- Active customers: 12,677 (+165% vs. Q3 2017), on average spent €27.8 in Q3
In total, Fastned operates 77 fast charging stations. Another 15 stations are under construction in Germany.
14 stations are equipped with total 18 next-generation 175 kW fast chargers (with an option to increase output to 350 kW in the future).
Monthly charge sessions surpassed 21,000 in September and the network attracted many new or not yet released EVs:
“We see increasing activity of faster charging cars (Jaguar I-pace, Hyundai KONA) at our stations. Car manufacturers are also successfully testing their upcoming cars on our network (Audi e-tron, Porsche Taycan, Daimler e-truck). We are now very confident that big improvements in charge speed and battery size will happen in the coming year.”
The next step is to raise more funds for further expansion of the network:
“To finance further growth Fastned started the issue of a new bonds series today. As in previous rounds the bonds have a maturity of 5 years and pay out 6% interest per annum. Fastned plans to use the proceeds to drive its revenue growth and expand our network of fast charging stations, contributing to its profitability. ”
- Monthly charge sessions surpassed 21,000 in September.
- Fastned opened three new stations (Wellerzand, Lemsterhop, Paderborn-Mönkeloh), bringing the total number of operational stations to 77.
- Construction of 15 stations in Germany is in full swing.
- Fastned continued the installation of next generation fast chargers, allowing electric vehicles to charge up to 175 kW and even 350 kW; up to 100 times faster than at home.
- On October 8th, Fastned signed an agreement with REWE Region Mitte to build fast charging stations at their supermarkets. A start will be made in 2019 with a pilot at four of their top supermarket locations.
- As of today (October 11th) Fastned is issuing a new round of retail bonds. The bonds have a maturity of 5 years and pay out 6% interest per annum. The bonds offer everyone an opportunity to participate and invest in the energy transition. Participation is possible from €1,000. Investors can read the prospectus and subscribe via the Fastned website: fastnedcharging.com/bonds
Fastned results in Q3’2018