Fastned targets 400 active charging stations by 2024

European fast charging firm Fastned is hoping to have 400 active stations by the end of 2024 as it outlines its new targets and ambitions.

The new goals were set out at the company’s first Capital Markets Day, ‘Charging Day 2022’, where it also explained its aim to open 100 stations per year.

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 €50 million and €75 million. Earlier this month, the company revealed that it had raised close to £20 million (€23 million) with the issue of new bonds to help finance further growth.

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 fast charging stations 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 chargers per station will increase from four in 2021 to six by 2025 and more than eight by 2030.

Fastned also expects average annual revenue per station to reach at least €400,000 in 2025 and be higher than €1 million in 2030. The company is also targeting new markets, targeting the countries neighbouring its existing network, focusing on countries with extensive motorway networks and those with high numbers of new electric vehicle sales.

Michiel Langezaal, CEO of Fastned, said: “In ten years, we have built one of the largest networks of fast 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. 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.”