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Alfen Q3 EV revenues more than double, but energy storage business falters amid long lead times

Revenues for Alfen's EV charging equipment business line more than doubled in Q3 2021. Image: Alfen

Revenues for Alfen's EV charging equipment business line more than doubled in Q3 2021. Image: Alfen

Alfen more than doubled EV charging equipment sales in Q3 2021, but witnessed its energy storage revenue more than half as product lead times weighed on sales.

While the power systems provider recorded group revenues of €60 million (£51.3 million) – up 21% on year-on-year – its EV charging equipment business line saw revenues more than double to €25.2 million, rising 123% from €11.3 million recorded in Q3 2020.

The company said it benefitted from its strong international market position as the penetration of EVs in new car sales keeps growing across Europe. In the UK, September was the best ever month for battery electric vehicle (BEV) sales, reaching 32,721. Furthermore, last year the company signed a three-year framework with Centrica to supply EV chargers to British Gas engineers and Centrica sites.

In Q3 2021, Alfen produced around 28,000 chargepoints, up 137% on Q3 2020.

However, the company’s energy storage systems unit saw revenues in the quarter drop 62% from €5.8 million in Q3 2020 to €2.2 million. This decrease was largely attributed to a mix of COVID-19 headwinds in 2020 combined with ongoing decision-making delays across the sector which Alfen said has resulted in longer lead times to secure new orders and generate revenue.

Despite this, the company’s projects pipeline of qualified leads at the end of the third quarter has more than tripled compared to the same period last year, with Alfen stating it remains convinced of the long-term market opportunity.

The company did also touch on supply chain issues, with the high demand for components, in particular electrical components, continuing to put pressure on global supply chains.

"As such, we keep managing our supply chain closely and we have been able to mitigate the delivery challenges we experienced up to this point. Looking forward, we still expect supply chain pressure to continue well into 2022," Marco Roeleveld, CEO of Alfen, said.

"Long-term, we continue to anticipate positive market developments for all our business lines and we continue to further invest in our organisation, facilities and innovations for the future."

Total adjusted EBITDA stood at €9.7 million in Q3 2021, up 28% on Q3 2020.

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