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EV segment proves particularly resilient as Alfen posts strong results

Image: Alfen.

Image: Alfen.

Alfen has posted significant increases in its smart grid, energy storage and electric vehicle (EV) charger solutions segments according to its most recent financial results.

The Dutch company, listed on the Euronext Amsterdam stock exchange, today reported half-year total revenues of €90.3 million (US$106.71 million) which it said was up 47% from the equivalent period last year, when it netted €61.6 million. It made an adjusted net profit of €5.3 million, which was an enormous 266% leap on H1 2019’s €1.4 million of profits. EBITDA was more than doubled from €4.9 million to €10 million.

The company said in a press release that its “strong profitable growth” for the half-year ending 30 June 2020 included a 154% rise in EV charging solutions revenues, 67% rise in energy storage revenues and 23% rise in its smart grid revenues.

Energy storage 'market fundamentals remain solid'

Alfen’s investment in solar PV including developing solar park servicing offerings is paying off, with a contract signed with solar farm developer Goldbeck to look after 180MWp of solar capacity across six sites in the Netherlands among recent highlights.

In the EV segment, existing deals have been scaling up, new customers won and new territories reached, the company said. In the UK, this includes partnering with Moixa in February to explore the impact of smart charging on EV owners bills.

Alfen also pointed out that the EV market appears to have been more resilient than much of the light duty vehicle market during the COVID-19 downturn and also said that favourable policies by governments, particularly in Europe, to support vehicle electrification, were also positive influences that are expected to be ongoing.

Sales of battery EV’s have stayed consistently strong despite the impact of COVID-19 on the automotive sector more broadly, with sales jumping by more than 250% in July compared to the same month in 2019. Alfen’s EV segment has been consistently strong, with its revenues this area jumping 194% in its Q1 2020 results.

Energy storage however, while a growing market, was more badly impacted by the coronavirus pandemic, Alfen said, calling market circumstances in Q2 2020 “challenging” with decision making “postponed across the industry”. The company claimed however that its already proven track record in the energy storage sector is “playing to its advantage as well as its strong market position”.

The company said it is able to reconfirm its full-year revenue outlook to be within the range of €180 million to €200 million. It claimed that it is anticipating market developments across all of its business lines to continue to be positive - not least that it believes European stimulus packages post-coronavirus will favour clean energy and climate-saving technologies such as electric vehicles, while it said the “long-term market fundamentals for energy storage remain solid”.

This story originally appeared in, for the full article click here.


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