Fastned agrees green power deal

Firm also raises new finance as it seeks to expand in Europe

Fastned agrees green power deal
Fastned guarantees the energy sold at its charging stations is 100pc renewable

European fast charging company Fastned has agreed a multi-year Power Purchase Agreement (CPPA) with Dutch logistics firm GLP for its EV fast charging stations.

The solar panels on GLP’s distribution centre in Zevenaar, Gelderland will provide up to 15 GWh of electricity annually to Fastned.

“This partnership contributes to a more sustainable future and helps us accelerate the transition to electric driving,” says Fastned CEO Michiel Langezaal.

Fastned guarantees that 100pc of the energy sold at its charging stations comes from renewable sources. The agreement also protects Fastned from volatility in wholesale electricity prices, allowing it to provide better transparency on charging costs.

Earlier this week Fastned raised €27.5mn ($29.8 mn) with a mix of equity finance and bond issuances. The firm has now raised a total of €180mn in funding. 

The firm opened its first charging stations in Denmark recently, bringing its total number of stations to 297 in seven countries, and its total number of chargers to 1,714.

The firm’s network accounts for more than 5pc of 400kW chargers and more than 73pc of 300kW chargers in Europe. 

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In Q4 2023, Fastned sold a quarterly record of 32 GWh of renewable energy — 79pc more than in the same period last year.

The results were driven by a strong battery electric vehicle (BEV) market momentum, according to the firm.

“Compared to Q4 2022, the BEV fleet across our markets grew by 37pc in the Netherlands, 101pc in Belgium, 43pc in France, 28pc in Germany, 30pc in the United Kingdom, and 50pc in Switzerland,” it says in its Q4 results statement. 

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