In Q3 2020 Fastned Increased Revenues By 54%

More electric cars on the road and people are driving more again it seems.

By: Mark Kane

Oct 14, 2020 at 7:38am ET

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After the second quarter, highly affected by the COVID-related lockdown, the third quarter finally brought an important rebound in the usage and revenues of the Fastned fast-charging network.

The company reports a 54% increase in revenues and a similar increase in energy dispensed and the number of customers.

2020 Q3 results (vs 2019):

Revenues (total): €1.6 million (+54%)
Volume: 2.9 GWh (+50%), on average 61 kWh/customer
Active customers: 47,213 (+53%), on average spent €34/customer

With more EVs on the road every day, and more Fastned charging stations, it's expected that soon the network will again be setting new records, basically every quarter.

The number of over 167,000 charging sessions reveals also some other average results, like:

€9.6 of revenue per session
about 17.4 kWh per session
3.5 sessions per customer

The company ended the third quarter with 123 stations. First stations are under construction in Switzerland (two) and in Belgium (one).

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For those who are more deeply interested in the financials of the network, Fastned released a table with additional info. The average new station cost (initial) is €329,000, while the average revenues are €53,000. Even at today's low EV share levels, Fastned reports a few percent of return on invested capital.

Fastned's Q3 highlights:

Fastned sold 50% more renewable electricity in Q3 2020 compared to Q3 2019, avoiding 2.25 million kg of CO2 emissions. In the same period, the number of fully electric vehicles registered grew by 83% in the Netherlands and 63% in Germany.
Fastned opened its 100th fast-charging station in the Netherlands.
In total 7 new stations were opened, bringing the total up to 123 Fastned stations by the end of September.
With the acquisition of the fast charging entity of MisterGreen, Fastned acquired the rights to operate fast-charging stations on 16 key highway locations in the Netherlands.
Breaking ground in two more countries, with the start of construction of two new stations in Switzerland and one in Belgium.
A total of 32 additional fast chargers were installed on 15 existing stations as part of a station upgrade program. More than half of Fastned’s stations now have chargers with a charging speed of 150 kW or more.
In July, Fastned raised over 13 million euro with the issue of bonds. In addition, investors have exchanged 2.7 million euro worth of bonds from earlier issues, bringing the total issued amount to more than 16 million euro.
The current cash buffer is expected to guide Fastned well into 2022.