Fastned piles up losses without worrying
Dutch fast-charger company Fastned has doubled its losses again – to 5,6 million euros – in the first six months of this year, compared to the same period last year. But with a turnover growing with 230% to 1,78 million euros and the number of customers rising with 174% to 26.085, CEO Michiel Langezaal still isn’t worrying.
“This is the result of our growth strategy,” Langezaal says in a press release. “We invest a lot in new charging stations, and this eats the company’s equity capital. We keep on searching for available options to finance this growth.”
102 charging stations
The company’s negative equity capital is now 2,3 million euros. The cash situation improved with nearly 5 million to 15,3 million euros, mostly by issuing debentures. Fastned expanded its network with 16 stations to 102 by the end of June. In total it sold 3.119 MWh of electricity, more than in the whole of 2018.
After the Netherlands and Germany, the company has now its first station operational in the UK. Switzerland is to follow, and Belgium, Langezaal hopes, by the end of the year. The agonizing slow administration procedures in Belgium frustrate Langezaal who wants to roll out 50 to 60 fast chargers at his southern neighbors.
The overall goal is to build a network of 1.000 charging stations in Europe.
Never made a profit
Fastned that went public on the Amsterdam Euronext Stock Exchange in June, never made a profit in the seven years of its existence. Like Elon Musk of Tesla, Langezaal and his co-founder Bart Lubbers remain rock-solid believers in the advent of the electric car.
“The focus on profit is a typical Dutch way of thinking. You can also look at the value of the company, and this is going to grow fast in the coming years. The market for electric mobility is so huge that there isn’t a reason not to invest heavily in growth,” Langezaal said last year when questions about the losses were raised.
1% market penetration of EV
He believes the company can break even the moment market penetration of the EV is 1 to 1,5% in the Netherlands. When that is, Langezaal didn’t want to predict. End of June, that percentage was 0,7% in the Netherlands.