Fastned Achieves Network Wide Operational Break Even

OCT 18 2018 BY MARK KANE 12

Fastned tripled its revenues during Q3

Good news coming from the Netherlands where Fastned reports a very high growth rate of its business. The company was even able to achieve network-wide operational break even.

“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:

Fastned fast charging station

“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. ”

Q3 highlights:

  • 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

Categories: Charging

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12 Comments on "Fastned Achieves Network Wide Operational Break Even"

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Do Not Read Between The Lines

So, now they just need to cover business overheads, installation costs and maintenance.
They’re tiny, right?

Brett

Depending on what the author means when they say ‘Operational Break Even’ a portion of those installation costs and maintenance may already be included in the calculations. Installation costs are amortized over time on financial statement using the depreciation expense.

I can’t seem to find the detailed financial statements for Fastned, but I’d imagine they would be following those basic principle.

In essence, they may be closer to bottom line (net) profitability than you think.

randomhuman

Great company. I like their charging station style. It’s not just a simple charger. It’s like a gas station where you don’t have to stand in the rain or so. I hope the very best for them. And I‘m excited for their new stations in Germany.

Blablubb

Fastned is really at the forefront of the EV evolution, they expand the network, bring in the newest tech for customers, and provide great service. But how can you make a business sustainable at roughly ~4000 Euro turnover per station? Will you ever get to a ROI, if you investment is in the 100 000s per station? I am not sure that you can run an independent business on charging. Maybe start selling coffee and provide other services? I am happy to be proven wrong, but I cannot see it at the moment. Maybe if capacity utilisation is going up dramatically with more EVs on the road?

deine Mutter

I think it is doable they just have to stay in business until demand takes off. At the moment it is all about securing attractive locations.

Blablubb

Let’s hope so. In the end of the day if it comes to a collapse the damage will be with their investors and the stations will most likely be absorbed by another provider. So a win for EV adoption for sure. Go Fastned!

Brandon

This article is about them announcing break even. The pace of utilization of their charging stations has been rapidly growing, and starting now the operational costs are being covered network wide. At the rate they are growing, profitability of this well run company is just a matter of time.

aggregate

As a Dutch Tesla driver i can say that Fastned is the only charging provider with the same quality as the tesla network. It always works.

This is good news. But it also tells us more or less the level of BEV penetration necessary to support a private company offering this sort of service. The Netherlands has a pretty high percentage of EVs compared to other places.

101101

They arent using solar panels and there isnt even any mention of green energy. They seem like a fossile fuel front.

wavelet

They claim _all_ their electricity is renewable. They certainly mention it on the main page of their website:
https://fastned.nl/en/

And they specifically mention solar:
https://chargedevs.com/newswire/fastned-opens-its-first-dc-fast-charging-station-in-germany/
(which includes a picture of a solar PV roof).

Are you saying they’re lying? At the very least, you fail at reading. At worst, you’re a troll.

MaartenV NL

Look at the picture of the FastNed station. That is a PV roof.