Working from home slows down Fastned’s growth

Fast-charging company Fastned feels its growth is held back because many Dutch people with electric cars have recently been working from home. As a result, they need to charge their car relatively less often. Yet it is still significant growth rates, which the listed company has released in a trade report.

Revenues related to the charging of electric cars increased by 54 percent in the past quarter compared to a year earlier to € 1.6 million. A total of 2.9 gigawatt hours (GWh) of sustainable electricity was purchased. That equates to an increase of 50 percent. Fastned also saw its active customer base increase by 53 percent to 47,213 people.

Earlier this year, things went a lot less well with the company’s fast chargers as a result of the corona outbreak. CEO Michiel Langezaal thinks there is a clear recovery after the low point in March. He also sees other bright spots. “What is not reflected in our figures is the quantum leap in our underlying market, with many of our markets shifting the supply of all-electric vehicles from 1 to 2 percent of total car sales in 2019 to 5 to 10 percent in sales in September of this year. “

As soon as people start driving again, Fastned expects an accelerated growth in turnover again. That is why the company is continuing to expand its own capacity for the time being by building new and larger stations. Fastned has been working on a European network of a thousand fast charging stations for some time. So far, the company has 126 in the Netherlands, Germany, the United Kingdom and Belgium.

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