Fastned, the Dutch fast charging network, more than doubled its business over the first six months of this year.

Total amount of dispensed electricity during the first half of 2018 stands at 1.05 million kWh (or 1.05 GWh), which is about the same as in all of 2017 and 164% more year-over-year.  The revenue from the fast charging service was €467,770 (+150%). The third big number is the number of active customers: 9,533 (+140%). Number of BEVs increased in the Netherlands in the period by 79% to 29,210.

Fastned is currently a major fast-charging network in the Netherlands, with the first station installed in Germany and many more scheduled in several other countries. As of the end of the quarter 76 stations (+11) were available (including 13 ultra-fast charging with 175 kW of power and ready for 350 kW in the future).

The next step is to raise some €30 million and install another 80-100 stations. It seems that Fastned continues on the path of fast growth, however the company notes operating losses at around €2 million (unaudited).

Highlights:

  • With volume growth of 166% Fastned outpaced FEV registrations (79% during the same period).
  • 11 new stations were opened during the first 6 months of the year, bringing the total network up to 76 operational stations.
  • On top of that, Fastned added 175 kW (350 kW ready) fast chargers on 13 stations, with which electric drivers can charge even faster.
  • Fastned opened its first station in Germany along the A3 at Limburg an der Lahn.
  • Fastned won a tender to build and operate two fast charging stations in the United Kingdom, in Newcastle and Sunderland.
  • Fastned signed an agreement with the real estate entity of Albert Heijn to offer fast charging at three of their supermarkets.
  • Fastned implemented Autocharge, which allows registered users to simply plug in their car and charge.
  • Fastned received a subsidy of over €1.4 million from the Benefic program to assist in the development of fast charging stations in the Netherlands, Flanders and Brussels (announced in July 2018).
  • Fastned is assisted by investment bank Lincoln International to raise € 30 million of new capital via a private placement. The goal of this new capital raise is to build 80 to 100 new fast charging stations.

Fastned results in the first half of 2018 - revenues

Fastned results in the first half of 2018 - revenues

Fastned results in the first half of 2018 - energy dispensed

Fastned results in the first half of 2018 - energy dispensed

Fastned results in the first half of 2018

Fastned results in the first half of 2018

Source: Fastned