14 October 2020 Fastned and Tesla open Germany’s largest fast-charging hub

Fastned – one of Riyadh Valley Company portfolio companies –,Tesla and Seed & Greet open Ladepark Kreuz Hilden, Germany’s largest fast charging hub. On site there is a café, a large Tesla Supercharger station and a large Fastned charging station. At the Fastned station 8 cars can charge simultaneously with up to 300 kW, allowing electric cars to add up to 300 km of range in just 15 minutes. The Fastned station is powered by energy from the sun and wind, generated partly by the station’s large solar roof. Fastned has 8 fast charging stalls and Tesla’s Supercharger station has 20 Supercharging stalls, bringing the current total for the hub to 28 stalls. The Fastned station in Kreuz Hilden can easily be expanded with more fast chargers, so that in the future 22 cars can charge simultaneously at the station.

Fastned has grown revenues related to charging by 54% in the third quarter of 2020 compared to the same quarter in 2019. Fastned’s sales rebounded from lock-down related lows in March earlier this year. Further growth was hampered because many drivers of electric vehicles were still working from home.

Riyadh Valley Company had previously invested in Fastned in 2019. This success will support Riyadh Valley Company investment’s strategy to develop the knowledge economy in Saudi Arabia and contribute to achieving the Saudi Vision 2030.