Fastned has posted 2019 a total net loss of EUR12m (US$13m) compared to EUR6.5m in 2018, while recording revenue related to charging rose 178% to EUR4.5m.

Total revenue, including revenue from station construction as part of service concessions, amounted to EUR6.4m.

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.

The company acquired 47 new locations, bringing this up to a total of 259 acquired locations (including existing stations)

As a result of social distancing policies in the coronavirus pandemic, road traffic is currently much reduced. This has resulted in around 70% lower daily sales since mid March, compared to February daily sales. Fastned is experiencing delays in the construction of new stations and the upgrading of existing ones.

A third effect is due to temporary car factory shut-downs, with the delivery of electric vehicles to the market likely to be slowed down.

“One of the most important things we did this year was prove charging is a viable business,” said Fastned CEO, Michiel Langezaal.

“In 2019 our network started to generate positive operational EBITDA. This happened with less than 1% of cars in our markets being electric and a network utilisation of under 10%.

“Given Fastned is in a fixed cost business, just imagine what will happen when 10% of cars are electric as is the case in Norway today. Or 50%.”