With Italy, Dutch Fastned expands into its 8th European country

Dutch fast-charger network Fastned has signed its first contract in Italy with highway managing A4 Holding Group to build a large charging station along the A4 Brescia – Padova highway in northern Italy, close to the Brescia Est exit. It’s the 8th European country where Fastned has established its presence.

Fastned already operates 275 fast charging stations in the Netherlands, Germany, United Kingdom, Belgium, France, and Switzerland, aiming at 1 000 stations across Europe. To further fuel that expansion, the company issued on Tuesday new 5-year bonds with 6% yearly gross interest.

Among the longest highways in Europe

The first Italian Fastned station near Brescia will initially have eight chargers, each delivering up to 400 kW, with the possibility of doubling its size to 16 chargers. Positioned strategically at the highway exit Brescia Est, this station will cater to EV drivers in Italy and those traveling from Switzerland to southern Italy, the company states.

“Italy is an important new market for Fastned. Regarding kilometers of highway, Italy ranks among the largest countries in Europe, with a car density per capita exceeding the European average.”

European infrastructure

Co-founder and CEO Michiel Langezaal is quite excited. “Starting our activities in Italy, the eighth country on Fastned’s map, means a lot to Fastned and to me personally. Eleven years ago, we founded Fastned to build a European infrastructure of fast charging stations. Now, adding Italy to our list of countries is another great milestone for Fastned,” he says.

By reeling in A4 Holding Group as a partner, Fastned secures access to 235 km of Italian highways and 60 km of bypasses under their jurisdiction in northeast Italy. Within the group, A4 Trading manages the service and rest areas, car parks for heavy vehicles, and traveler reception services. At the same time, A4 Mobility is active in toll systems, traffic control, access control and safety, and projects related to smart mobility.

Company bond for five years

On Tuesday, Fastned announced opening up subscriptions until 16 October 2023 for a new company bond for five years. The new bonds are available in units of €1 000 each and will pay 6% interest annually. That’s before taxes. In the Netherlands, there is no initial tax due. In Belgium, they will be taxed at 30%.

Fastned says halfway through the year, it reached a financial milestone by becoming underlying EBITDA positive, showing the strength of its business model. Still, red figures continue to color Fastned’s financial outline of incomes with a loss of 10,3 million euros, although less than last year, being 11,4 million. But Langezaal is sure Fastned’s expansion strategy will pay off.

44 million EVs in 2030

Fastned is convinced the number of electric vehicles is expected to grow from 3 million in 2022 to more than 44 million in 2030, as predicted by ChargeUp Europe, the ‘voice of the electric vehicle charging infrastructure industry’.

“In June 2023, Fastned raised €21,9 million with the issue of new bonds. In addition, investors extended €2,4 million worth of investments from earlier issues, bringing the total issued amount in this round to over €24 million.”

Charging revenue reached €26,1 million for Fastned in H1 2023, up 108% compared to H1 2022. The company says results were driven by solid battery electric vehicle (BEV) market momentum.

“Since July 2022, the BEV fleet across our markets grew by 82% in Belgium, 42% in France, 61% in the United Kingdom, 55% in Germany, 52% in Switzerland, and 37% in the Netherlands. Fastned continues to outgrow the charging market,” the company says.