Fastned grows charging revenues by 178% in 2019

Fastned, the fast charging company that is building a European network of fast charging stations, continued to grow rapidly in 2019.

Revenues related to charging increased by 178% to €4.5 million ($4.95
million).

Fastned continued to work towards its mission: to give freedom to electric drivers and accelerate the transition to sustainable mobility. Fastned expanded its fast charging network by opening 29 new stations - bringing it up to 114 stations in total. The capacity of the network further increased by installing new and faster chargers at existing stations. Fastned acquired 47 new locations, bringing this up to a total of 259 acquired locations (including existing stations).

The Corona virus outbreak is significantly impacting the global economy and Fastned is no exception. As a result of social distancing policies road traffic is currently much reduced. This has resulted in around 70% lower daily sales since mid March, compared to February daily sales.

Moreover, Fastned is experiencing delays in the construction of new stations and the upgrading of existing ones. A third effect is that due to temporary car factory shut-downs, the delivery of electric vehicles to the market is likely to be slowed down. It is currently uncertain how long this situation will last.

Fastned had €19 million ($20.9 million) in cash and cash equivalents per year end 2019. Fastned cancelled part of its planned capital expenditures to be able to maintain an (increased) minimum cash buffer well into 2021, based on current projections.

The company has taken all relevant measures to guarantee the uptime of its network. Most of the Fastned team now works from home and maintenance is organised in split teams. These measures ensure that the network will continue to operate as usual.