Financial Business Update 2021

08 Feb 2022

In this article we are providing a financial and strategic update on several highlights and achievements of the fiscal year 2021. We are doing this before the publication of the audited financial statements for the fiscal year ending December 31, 2021.

Revenues are on target with at least €86 million for fiscal year 2021, an increase of over 95% compared to fiscal year 2020, driven by the diversity of charging and services mix. This was achieved through 6.1 million charging sessions, representing an increase of 65% over the prior year, all facilitated by the robustness of our proprietary technology platforms.

We expect strong utilization trends to continue in 2022 amidst rapid growth of our network, from secured sites and expanded B2B partnerships.

Our network delivered 83GWh of clean, 100% renewable energy to EV drivers in 2021, an increase of 77% from 2020. Therefore, our network enabled 414 million green kilometers (258 million miles) compared with 234 million green kilometers (145 million miles) in 2020.

Utilization rate, a key performance metric, reached its highest average in December 2021 at 7.6%, almost doubling from pre-pandemic levels, despite lockdown measures in the Netherlands, one of our most active countries. Utilization rates remained resilient through 2020 and 2021, as demand significantly exceeded supply, and EV sales were three times higher than in the US.

Total unique users on our network at the end of 2021 increased by about 70% compared to the prior year, bringing the total cumulative users on our network since our founding to 620,000 customers. Our network continued to have an approximate 80% recurring rate per month. Our company benefits from scale advantages with a presence across 12 countries and more than 28,000 charging ports.

In November 2021, we and Meridiam closed the first-of-its-kind special purpose project finance vehicle for EV charging infrastructure, which will support the construction of more than 2,000 fast and ultra-fast charge points at over 200 locations across France, in partnership with Carrefour. The total transaction size amounted to €138 million, approximately €55 million of which was financed by senior debt from seven leading European commercial banks committed to green energy and sustainable mobility. The financing received the Green Loan label due to its positive environmental impact.

Mathieu Bonnet, our CEO said, “I am extremely proud of the team and delighted with the significant progress we have achieved under dynamic market conditions since the business combination announcement as we continue to execute our growth strategy. Both the marquee partnerships we have signed and strong tailwinds in EV penetration in Europe contribute to robust utilization rates and new opportunities to scale the business. Our proprietary software and cloud solutions provide the Company with a unique technological edge. We have generated a backlog of approximately 800 long-term sites in high-traffic and premium locations and over 500 sites in the pipeline to support our future growth.”

Ton Louwers, CFO, added, “The novel project finance transaction is a testament to investors and partners’ confidence in Allego’s unique planning tools and long-term business strategy, providing us with access to a significant amount of growth capital at attractive rates.”

Mathieu Bonnet continued, “The European EV market is rapidly expanding, with EV sales in December 2021 outpacing those of diesel cars for the first time. Coupled with favorable environmental regulation, high urbanization rates, scarcity of in-home parking in dense cities, and significant interurban traffic, we expect that the fundamentals for our business will remain resilient for years to come.”