Fastned: Expansion in Spain and Financial Results

Fastned: Expansion in Spain and Financial Results

Fastned, an ultra-fast charging infrastructure company for electric vehicles, has signed a contract for the construction and deployment of its first charging station in Spain.

This station, located in Casarrubuelos, Madrid, will have eight chargers of up to 400 kilowatts (kW) each, marking Fastned’s entry into the Spanish market.

Expansion in Spain and Company Objectives

With Fastned’s landing in Spain, it will contribute to the company’s goal of deploying 1000 stations across Europe. In addition, the company has another six stations in Spain in the pipeline, demonstrating its commitment to the country as a new strategic market.

Fastned CEO’s statement

Michiel Langezaal, CEO of Fastned, highlighted the importance of the entry into the Spanish market, noting that 2023 has been a positive year for electric vehicle adoption in Spain, with a 70% increase in sales compared to the previous year.

Fourth Quarter 2023 Financial Results

Fastned has also reported its financial results for the fourth quarter of 2023. During this period, the company supplied 32 gigawatt hours (GWh) of renewable energy, representing a 79% increase compared to the previous year.

Fastned’s gross profit reached €14.2 million, an increase of 77% compared to the same period in 2022.

Revenue Growth and Station Expansion

Freight revenues increased by 44% in the fourth quarter of 2023, reaching €19.2 million. During this period, Fastned also opened 19 new stations, including the first in Denmark, as part of its growth and expansion plan in Europe.

Conclusion

Ultra-fast charging infrastructure company for electric vehicles, Fastned, has signed a contract for the construction and deployment of its first charging station in Spain, marking its entry into the Spanish market. This station, located in Casarrubuelos, Madrid, will have eight chargers of up to 400 kilowatts (kW) each. In addition, the company has six other stations in the pipeline in Spain, demonstrating its commitment to the country as a new strategic market.

In terms of financial results, Fastned has experienced significant growth. During the last quarter of 2023, the company supplied 32 gigawatt hours (GWh) of renewable energy, up 79% compared to the previous year.

Gross profit reached €14.2 million, representing an increase of 77% compared to the same period in 2022. In addition, cargo revenues increased by 44% in the fourth quarter of 2023, reaching €19.2 million.

Overall, Fastned’s expansion in Spain and its strong financial performance demonstrate its commitment to electric mobility and its ability to grow into new markets. With its focus on the expansion of ultra-fast charging stations and the supply of renewable energy, Fastned is positioned to play a key role in the transition to sustainable mobility in Europe.