Fastned: Accelerating Electric Mobility in Spain

In 2023, Fastned, a leading developer and operator of electric vehicle (EV) fast-charging stations across Europe, faced a decision about whether to bid to place charging stations along highway sites in Spain, which would mark its entry into another European country. Fastned’s mission was to accelerate the transition to electric mobility by building a fast-charging network that would shorten charge times and make EVs more accessible.

The company was a pioneer of fast charging in the Netherlands in 2012 and had since expanded into western and northern Europe. In considering entry into the Spanish market, Fastned analyzed the market competition, EV penetration, and traffic volumes of the potential site locations. It weighed up entering the country too early, when the EV market was still nascent, or risk being beaten by competitors in the growth of Spain’s charging infrastructure network. The opportunity was promising, with Spanish government incentives contributing to EV growth. However, the challenges of a weak existing market made Fastned’s success uncertain.