NETHERLANDS. Fastned grows revenue by 45% and secures record-high number of new locations in H1 2024
Fastned’s revenue grew strongly, to €37.8 million (+45% vs. H1 2023), driven by the continued strong growth of electric vehicle fleets in Europe (+38% in Fastned’s markets). This leads to increasing and recurring fast charging demand, which Fastned captures with its high-traffic locations and award-winning charging concept.
Fastned has accelerated the acquisition of high-traffic locations, securing 79 locations in the first half of 2024, our fastest pace ever. With 509 locations signed, we reached the halfway mark in our planned number of secured locations and are fully on track to reach our goal of 1,000 stations by 2030.
Fastned will expand its Management Board with a new Chief Operating Officer, Françoise Poggi. Previously responsible for Tesla’s European supply chain and with similar roles at Sonos and Cisco Systems, Françoise will be of tremendous value to Fastned, helping us further scale the operating capabilities across geographies.
Already a top 3 fast-charging company in Western Europe, Fastned is in prime position to charge the growing EV fleet on European roads.
Profitability rose, with underlying company EBITDA growing by 12%, to €3.2 million. Net profit in H1 2024 was still negative, at -€11.4 million, a consequence of the ongoing large expansion effort.
Fastned issued a record amount of €61 million in bonds in H1 2024 (including €15.7 million extensions of earlier tranches), funding its expansion effort and leading to an increased cash position of €145.8 million (vs. €132.6 million in H1 2023).
With operating cash flow at -€1.0 million (vs. -€2.5 million in H1 2023), Fastned is on the verge of starting to self-fund
When looking at the facts, the electric transition is well on its way: the increasing number of electric vehicles across Europe shows drivers are embracing electric cars as they near price parity with fossil cars. The current battery development pace – still a relatively young technology – puts us on an unstoppable and accelerating path to a complete transition to electric mobility. Reports show that the price of battery cells from China was cut in half over the past year. As a result, a wave of more affordable, new models with more range is on our doorstep.
Fastned continues to grow its network, ensuring all these new electric drivers can charge wherever and whenever needed. With over 500 secured locations and 318 operational stations, we are more on track than ever to operate a network of 1,000 stations by 2030.
Michiel Langezaal, Fastned co-founder & CEO
Over half of 2030 location target already secured
The investments made in the Network Development team in the last two years are paying off. Over the last six months, Fastned signed 79 new locations (+290% vs. H1 2023), for a total of 509 secured locations (+28% vs. H1 2023).
Furthermore, with the revenue per station five-folding over the last five years, Fastned is successfully competing with retail development players to secure private locations along high-traffic roads.
With 22 new stations built (7 in Belgium, 2 in Switzerland, 5 in the United Kingdom, and 8 in the Netherlands), Fastned counts 318 stations in 7 countries at the end of the first half of 2024: on track for our guided 335 to 350 stations in FY 2024.
Top 3 European fast charging company – more than 2.5 million charging sessions delivered
We delivered 62.7 GWh of renewable energy to our customers (+49.5% vs. H1 2023) during 2.5 million charging sessions (+42.1% vs. H1 2023), making Fastned a top 3 fast charging company in the markets we are active in.
Our business model is proving to be highly efficient, as we are delivering 3 to 5 times more energy per station than many other players in Europe’s top 10 fast-charging companies.
Fastned signed a second corporate power purchase agreement (CPPA) with Ecorus in the Netherlands. With a capacity of over 25 MWp, the solar park will provide around 22 GWh of solar energy annually, which is over 25% of Fastned’s total consumption in the Netherlands in 2023.
Fastned started a collaboration with Arval, European leader in full-service car leasing and multi-mobility solutions.
The number of active customers grew further in the second quarter of 2024. More than 411,800 (+49.9% vs. Q2 2023) electric drivers chose to charge their cars on our network in Q2.
In 2024, Fastned issued €61 million in new bonds, including 15.7 million extensions of earlier tranches. By now, over 10,000 bond investors trust Fastned to drive the transition to electric mobility.
Once again, we were ranked first by Chargemap users in France as the most reliable charging network, adding to the awards we already received in the UK, Belgium, and the Netherlands.
We published our 2024 Interim Report today, in which we take a look back at our financial and operational achievements this past half-year.