Nearly 100 GWh sold

Fastned doubled its sales in 2023

Image: Fastned

Fastned, the Amsterdam-based European fast charging company, has achieved a positive EBITDA for the first time in 2023. EBITDA are the earnings before interest, taxes, depreciation and amortization.  

The company achieved this new milestone by doubling its renewable energy sales to a record high of 99.6 GWh (+92% vs. 2022). Charging revenue grew to 60.5 million euros (+68% vs. 2022). “The positive EBITDA is an important confirmation for us as an organization and for our business model. Looking at the number of fast charging sessions, Fastned is now in the top 3 of fast charging networks in the countries where we are active. We are now seeing what we envisioned twelve years ago become reality when we founded Fastned with the mission to accelerate the transition to electric mobility. It is good to remember that we are only at the beginning of the transition to electric mobility. The EV fleet is expected to increase at least fivefold in the next five years,” Fastned CEO Michiel Langezaal said.

Fastned’s results are supported by the strong growth of the battery electric vehicle (BEV) market in Europe. In 2023, 1.5 million new BEVs were registered (+37% compared to 2022)⁴. Total EV vehicle penetration in Europe grew by 34%⁵. The company however exceeds the growth of the charging market: turnover related to charging amounted to €60.5 million (+68% vs. 2022) and 99.6 GWh of renewable energy was sold (+92% vs. 2022). The volume of renewable energy sold per station reached 368 MWh (+49% vs. 2022). In 2023, Fastned also reduced its net loss to €19.3 million, as expected, from €22.2 million in 2022.

Despite challenges such as network congestion and extreme weather conditions that delayed the construction process, Fastned’s network grew with 55 new stations to a total of 297 stations in 8 countries. The pipeline of acquired locations reached 432 locations (+59 locations). 45 of the contracts for these new sites were signed with private landowners, compared to 20 in 2022 and 5 to 10 per year in previous years.

In 2023, Fastned was awarded four top locations in Italy and seven in Spain, for which construction is expected to start in 2024. In addition to these confirmed locations, Fastned in Germany, as part of the German government’s “Deutschlandnetz” tender, won two top areas, consisting of 92 so-called “search areas” for the construction of fast charging stations. In addition, Fastned won another tender in Germany at the beginning of 2024, for 34 locations at service areas directly on the highway. All these new locations will be added to the pipeline in 2024 and 2025.

Fastned is supported in its mission by investors. In 2023, the company raised a total of €53 million in new bonds to accelerate growth and investors extended €6 million from previous bond issues.

Author: Peter van Noppen

Source: Fastned

Fastned doubled its sales in 2023 - ChargeInfra