Fastned pushing €75 mil. into doubling its charging stations in 2 years

The operator of electric car charging stations, Fastned, wants to double its network to at least 400 charging stations by the end of 2024 and increase that to 1,000 Fastned locations in Europe by the end of 2030. The company hopes to keep up with the growing number of electric vehicles expected on the roads in the coming years.

Fastned announced its new targets ahead of its investors’ day. According to the company, the expansion up to and including 2024 is expected to require additional financing of 50 to 75 million euros.

The investments will also bear fruit, the company said. Fastned expects to achieve an average annual turnover per station of at least 400,000 euros in 2025 and over 1 million euros in 2030. This also means the company’s underlying operating profit should be positive next year. And the results should continue to improve.

“In ten years, we have built one of the largest networks of fast chagrin stations in six European countries, and we offer one of the best charging concepts on the market. And we have only just started,” said CEO Michiel Langezaal about the strong growth his company is going through.

Fastned also sees other opportunities to increase turnover. The first Fastned shop will open later this year at the fast-charging station in Brecht, between Antwerp and Rotterdam. The company expects to open shops with coffee and sandwiches at other locations fairly quickly.

In addition, the company sees opportunities to serve the growing electric truck market. Fastned is working on plans for, for example, larger turning circles at the stations, making them more accessible to larger vehicles.