Fastned Reports 2017 Results – Delivered 1 GWh Of Electricity For €530,667

MAY 14 2018 BY MARK KANE 16

Fastned, the Dutch fast charging network, released results for the year 2017 – revenues increased by 133% to €530,667 as company dispensed 1,006,126 kWh.

At the end of the year, Fastned had 63 stations (which increased to 66 in Q1) and 6,279 registered users out of a total of more than 21,000 all-electric cars.

Fastned is quickly expanding its business, so the net loss of €5 million (similar as to 2016) is not all that important at the current stage (BEVs stands for just 0.3% cars in the Netherlands). In 2018, the company should achieve over €1 million in revenues.

Fastned charging station

“Anticipating on the exponential growth of the number of electric cars, during 2017 Fastned continued investing in the development of new locations for fast charging stations. Partly as a result of this, the net result amounted to EUR 5 million negative, of which more than EUR 1.5 million was ‘non-cash’ (depreciation and converted interest). The loss was slightly lower than in 2016 due to strong revenue growth, and in spite of increasing operational costs due to the establishment of offices and teams in Cologne and London.

As a result of the conversion of 10 million euros of debt to depositary receipts by investment company Breesaap, the balance sheet of Fastned improved considerably during 2017. At the end of the year Fastned had a positive equity of 3.1 million euros. In addition, Fastned had 16.3 million euro of liquid assets on the balance sheet at the end of the year. This large cash position was a direct result of the successful issuance of bonds in December and is currently being used for the construction of more than 30 new charging stations in the Netherlands and Germany.”

Read Also – Fastned To Install Multi-Charger Stations In UK

Michiel Langezaal, CEO Fastned:

“We see that the market is accelerating. Our revenues have almost doubled in the past 6 months. At busy stations we have started to add chargers to accommodate for this growth. Some are faster 175kW chargers which people can use to charge their car up to 50 times faster than at home. We have done this in anticipation of a new generation of electric cars of which we will see the first models hitting our roads in the next few months.”

Fast charging company publishes annual results over 2017

Fast charging company publishes annual results over 2017

You can download the Fastned annual report 2017 here.

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16 Comments on "Fastned Reports 2017 Results – Delivered 1 GWh Of Electricity For €530,667"

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There is money to be made and this is why there will be chargers everywhere.

As consumers, we will have to come to terms with that fact that it’s going to cost significantly more to fast-charge, or really do any sort of charging away from home.

Yea, IF those numbers are correct, the average price per KWH delivered was 0.53 euro or $.60 per kwh. This is equivalent to $20/gal. for gasoline on a thermal energy basis or about $10/ gal. when accounting for the thermal effeciency of the engine and the charging losses for the battery.

EVs simply are not the automatic “fuel” cost savers that too many EV enthusiasts (I am one too, but numerate and realistic) make them out to be. If you charge off peak (at night usually) on a time of use electric utility account you are going to save. For other choices better do the arithmatic. The fact that many (most, all?) pay to charge systems charge for the time you are connected, not the KWH delivered makes this harder.

We are a LONG way from the transparancy of a gasoline station with its clearly posted prices.

Yeah, because fast charging once a month at 60c is the same as paying $6/gal every time. Call me when you wake up, “ev enthusiast”.

Yes Mark, you are correct that $0.60 per kWh is equivalent to $6.00 a gallon gas. I’ve done the calculations that show that, and posted them here on Inside EVs already.

That also makes it possible to say that charging for $0.12 per kWh at home is equivalent to paying $1.20 per gallon of gas. Not a bad deal!

A Gallon of gasoline is about 33-34 KWH thermal. Depending on the thermal efficiency of the gasoline engine/drivetrain (40% claimed for prius/ioniq engine), the charging losses of the charger/battery, the discharging losses of the battery and electric motor efficiency you probably need to input about 10 to 15+ kwh into your car to get the net mechanical energy you would get with a gallon of gasoline. That would be $6 to $9+/ gal. equivalent at $.60/KWH. If you read my comment you will see that I pointed out that off peak home charging (about $0.13/KWH where I live) will always be a winner cost wise. 7 kwh input into my PHEV gets me the same range as about 0.65 gallon of gasoline in city driving (about 10 KWH input does the work of one gallon). This includes several cold starts for the gas engine but NOT electric heating which significantly reduces the electric range. At highway speed the result is much worse for the electric side with 7 KWH input providing the range of about 0.4 gallon of gas (about 17 KWH input to get the same mechanical energy as one gallon of gasoline). So we know: The benefit of… Read more »

In California:
Ionic hybrid 58 mpg for 10k miles a year at $3.6 gas is $620\year

Ionic ev at 25 KW/100mile on SCE ev plan at 12c/kwh is $300\year
Seriously dude, stop wasting my time!

“Transparency at petrol prices”!!!! Give me a break! In what *possible* way do the prices at petrol pumps convey the ecological cost of the fuel they represent? Or the cost (financially and morally) of securing the oil in the first place? I could go on (and on)…!

But in other ways you are right. If you can’t charge at home or at work, or on the way to work (eg at a railway station etc), I can’t see how EV ownership is going to work out in a financially beneficial way. And, as things stand, I *certainly* can’t see how this is all going to work from the other side of the fence (ie for Fastned et al).

There is, of course, one thing that may change everything – the price of electricity. Given that the UK government has already signed up for a Sino/Franco built nuclear power station (Hinckley Point C) and have agreed a fee for the base-load electricity it will produce (in about 20 years time) of about 3 times the current base-load price, that might give us all some idea of what consumer prices will be by then!

Last summer I researched what fees 7 of the main fast charge network providers around the world charge. For a 30 minute session gaining 22 kWhs the average cost is $11.95, which comes out to $0.40 per minute.
If just using a few of the rates from providers in the U.S. and Canada, its a little over $8.00, which is $0.27 per minute. If charging at the max rate of 45 kW on a 50 kW fast charger, this is $0.60 per kWh worldwide and $0.41 per kWh in the U.S..

Which is why it’s so important to charge at home (or work).
At $8 for 22kWh, that’s $8 for 77 miles or only 27 miles per gallon based on $2.80/gallon cost.
If the 22kWh were delivered at home, at the average US cost of 12c/kwh, then you’d have paid $2.64, which equates to 80 miles per gallon cost.
The value proposition of an EV, is currently highly dependent on where you charge.

Almost 3 million in administrative expenses, what’s that all about? If that’s about billing customers they could save a bundle by just giving it away for free.

Read the report. It explains the administrative expenses include:

Provision for the Fastned Founders
Provision for doubtful accounts
Pension costs
Social security costs
Depreciation
Wages and salaries

This has little to do with the costs of customer payments.

“Net loss is not all that important”.

Expenses more than 10x revenue? Wow. Makes Tesla look downright frugal.

Yes, we should outlaw growth companies. They are all scams.

Wondering how they will stand against the competition from the petrol stations who are starting installing own fast chargers and treat Fastned as a castaway in places where they are neighbors. I had to literally climb over a fence once (a small one) between Fastned and BP or Total stations to buy some coffee while my car was charging.