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July 31, 2020

Fastned H1 revenue up 51% to EUR2.7m

Charging company, Fastned has grown first-half revenues related to charging by 51% to EUR2.7m (US$3.2m).

By Rhodri Morgan

Charging company, Fastned has grown first-half revenues related to charging by 51% to EUR2.7m (US$3.2m).

Fastned says it achieved record deliveries in the first two months of the year, followed by a reduction of up to 70% in March and April and a steady recovery in May and June.

In the last weeks of July, volumes were more than 70% of February levels. Operational EBITDA and Operational EBITDA per station grew by 286% and 182% respectively.

Two new stations were opened, bringing the total up to 116 by the end of June. The limited number of new stations is a consequence of postponing construction due to corona lockdown measures. Another two new stations were opened in July, bringing the total number of operational stations in the Fastned network to 118.

During the first half of the year a total of 17 fast chargers were installed as part of a station upgrade programme. 

“Part of planned capital expenditures was postponed to mitigate the financial impact of Corona,” said a company statement. “This, and the recent bond issue (July 2020), have resulted in an increased minimum cash buffer which will guide Fastned well into 2022.”

With the acquisition of fast charging company, MisterGreen, Fastned obtained the rights to operate fast charging stations at 16 high traffic service areas in the populous western part of the Netherlands.

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