European electric vehicle (EV) charging company Fastned has announced new ambitions and financial targets for the coming years. The company remains committed to accelerating the growth of its network of rapid charging stations in Europe to prepare for the growing number of electric vehicles hitting the roads in the coming years.
By year-end 2024, Fastned aims to double the size of its network to at least 400 stations, which is expected to require additional funding of between £44 million and £65 million. Fastned expects to reach a building pace of 100 stations per year by 2024 and growing thereafter. Before 2030, Fastned expects to reach its ambition of having a network of 1,000 rapid charging points at prime locations, such as along high-traffic corridors in Europe.
In addition to opening new stations, Fastned will further expand its network by adding more chargers to its existing locations. The average number of charging devices per station will increase from four in 2021 to six by 2025 and more than eight by 2030.
“In ten years, we have built one of the largest networks of rapid charging stations, covering six countries in Europe, and we offer one of the best charging concepts in the market. But we’ve only just begun. Sales of electric vehicles in Europe will grow exponentially in the coming years. Fastned is uniquely positioned to cater to the exponentially growing charging needs of all of those new electric cars hitting the roads,” said Michiel Langezaal, CEO of Fastned.
“We’re constantly working to increase the pace at which we roll out our network while entering more countries in Europe as the electric vehicle revolution continues. We have set ourselves a concrete growth ambition: to reach 1,000 stations that offer the best customer experience before the end of 2030. I look forward to a future in which we will deliver profitable growth, driven by our mission to accelerate the transition to sustainable mobility.”
Fastned expects its revenue to grow strongly, driven by the growing fleet of electric vehicles needing to charge, a growing demand for rapid charging and a growing number of high-traffic charging stations.
Indeed, the company sees potential to grow its network along motorways in its key markets, and gradually expand to new markets in Europe. It is first targeting the countries neighbouring its existing network, focusing on countries with extensive motorway networks and those with high numbers of new electric vehicle sales.
Fastned recently opened its latest ultra-rapid charging hub in Scotland, as well as its first ultra-rapid charging hub in London, near the Blackwall Tunnel in Greenwich.