Fastned Experienced Tremendous Growth In Fourth Quarter 2019

Fastned does not slow down and the most recent sales records in the Netherlands should fuel further growth.

By: Mark Kane

Jan 9, 2020 at 11:29am ET

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Dutch fast-charging network Fastned, accustomed us to growth every quarter, but the fourth quarter of Q4 is surprisingly good, even by Fastned's standard (see chart below).

All the numbers more than doubled year-over-year and the company was able to deliver more than 1 GWh of electricity in a single month for the very first time.

For Q4 2019 Fastned reports:

Revenues: €1,703,000 (+150%), on average at €0.58/kWh
Volume: 2,932,000 kWh (+157%), on average customers used 68.5 kWh/customer
Active customers: 42,805 (+139%), on average spent €39.8/customer

The network currently includes 114 stations (as of the end of 2019), installed mostly in the Netherlands (about 20 stations are installed in Germany). The expansion includes also more chargers and higher-power chargers at existing locations.

The average revenue per single station is currently at nearly €15,000 per quarter by delivering some 25.7 MWh of electricity.

"The year-over-year growth rate at 171% (revenues and volume) compared to a 143% increase in the number of active customers proves that on average, users charge more. It might be associated with bigger battery packs and higher confidence in long-distance travel."

The number of over 174,000 charging sessions per quarter reveals also some other average results like:

nearly €9.8 of revenue per session
about 16.9 kWh per session
over 4 sessions per customer per quarter (1.35 sessions per customer per month)

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Milestones

Fastned opened five new stations in The Netherlands, bringing the number of operational stations in the Fastned network to 114 at the end of 2019.

Fastned added more and faster chargers to stations to increase capacity and improve the charging experience.

Fastned raised 12 million euro in bonds to finance further growth.

Fastned has been granted 13 motorway locations in Belgium.

At the end of 2019 Fastned had a grand total of 259 acquired locations, 147 municipality permits and 138 grid connections.