Alfen reports ‘significant pick-up in demand for energy storage projects’ in Q1 financial results

LinkedIn
Twitter
Reddit
Facebook
Email
Towards the beginning of this year, Alfen supplied a 350kWh battery energy storage system (BESS) to an electric vehicle charging station for a gas station forecourt operated by Shell in Zaltbommel, Netherlands. Image: Alfen / Shell.

Energy solutions company Alfen has seen its quarterly revenue climb across all three of its business lines, with its energy storage arm seeing revenues increase by 144% against the first quarter of 2019.

The Euronext Amsterdam exchange-listed company posted strong financial results as a whole for Q1 2020, with its EBITDA jumping from €1.7 million (US$1.83 million) in Q1 2019 to €4.6 million in Q1 2020.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Its EV charging equipment arm saw the biggest increase during the quarter, with its revenues jumping from €4.5 million in Q1 2020 to €13.2 million, an increase of 194%.

The company cited the growing market for EVs, increasing volumes under the framework agreements that have been set up over the last few years, “new client wins” and further internationalisation for its growth, adding that its business in the UK, the Netherlands and Germany experienced strong growth in particular. Over the quarter, it produced around 13,200 charge points, up 207% from Q1 2019.

Alfen is also planning to relocate its EV charging operation to larger facilities in a move to significantly expanding its production capacity.

Its energy storage systems business line meanwhile generated revenues of €3.2 million, up 144% from Q1 2019.

This was a result of a “significant pick-up in the demand for energy storage projects” in comparison to the first quarter of 2019, which Alfen said was characterised by “challenging market circumstances”.

It pointed to recent commercial successes, including a contract for a 20MWh energy storage system for Vattenfall in Sweden and a project delivering 3 storage systems totalling 2.5MWh to provide frequency stability services for investment holding company Nuhma on behalf of 41 municipalities in Belgium.

Alfen has also seen revenues grow 25% in its smart grid solutions arm, which it said was due to grid investments, projects in the solar PV sector and “revenues from service”.

This story originally appeared on Current± – read the full version here.

11 November 2025
San Diego, USA
The 2024 Summit included innovative new features including a ‘Crash Course in Battery Asset Management’, Ask-Me-Anything formats and debate-style sessions. You can expect to meet and network with all the key industry players again in 2025 from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more.

Read Next

June 13, 2025
The Australian Energy Market Operator (AEMO) has successfully implemented a new rule in the National Electricity Market (NEM) incentivising participants to provide “helpful” impacts on frequency.
June 12, 2025
In Texas, two companies, Energy Vault, recognised for its gravity energy storage technology, and Agilitas, known for smaller-scale projects in the Northeastern US, have put utility-scale energy storage projects in the state into operation.
June 12, 2025
Renewable energy developer Acen Australia has received consent from the New South Wales IPC for a 640MWh wind-plus-storage project.
Premium
June 12, 2025
In this blog, ESN Premium speaks with Fluence’s Rob Hills and Sam Markham about hybrid assets and trends in Australia’s NEM.
Sponsored
June 11, 2025
Hopewind spoke with us at Intersolar Europe about distributed energy storage and PV offerings and the state of the market.

Most Popular

Email Newsletter