Spartan Acquisition Corp. III SPAC Merger Partner, Allego, Offers Business Update, Outlines Strategic Milestones
Author: Benzinga Newsdesk | February 07, 2022 05:51pm
- Allego confirms its 2021 revenue and positive operational EBITDA guidance. Utilization rate1, a key performance metric, continues to experience a solid upward trend owing to significantly higher EV penetration rates in Europe.
- Allego signed a long-term partnership with Nissan in 16 countries and across more than 600 locations to install, operate, and maintain fast-charging solutions.
- The Company closed the first-of-its-kind special purpose project finance vehicle to support the development of more than 2,000 fast and ultra-fast EV charge points at over 200 locations across France powered entirely by renewable energy, in partnership with the leading French supermarket chain Carrefour.
- The Company also announced the expansion of ultra-fast charging locations in the Netherlands, Belgium (recently securing the largest number of sites compared to the competition along highways in Flanders) and France, and extended its existing relationship with REWE Nord, one of the leading supermarkets in Germany.
- The Honorable Jane F. Garvey, the 14th Administrator of the U.S. Federal Aviation Administration, will assume the role of Chairwoman of the combined company's Board of Directors upon the closing of the business combination.
PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--
Allego Holding B.V. (“Allego” or “the “Company”), a leading pan-European electric vehicle charging network that announced a business combination with Spartan Acquisition Corp. III (“Spartan”) (NYSE:SPAQ), is providing a financial and strategic update on several performance highlights before the release of the audited financial statements for the fiscal year ending December 31, 2021.
Selected Financial Highlights for Full Year 20212
- 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 the Company's proprietary technology platforms.
- Allego expects strong utilization trends to continue in 2022 amidst rapid growth of its network, from secured sites and expanded B2B partnerships.
- Allego’s network delivered 83GWh of clean, 100% renewable energy to EV drivers in 2021, an increase of 77% from 2020. Therefore, its network enabled 414 million green kilometers (258 million miles) compared with 234 million green kilometers (145 million miles) in 2020.
- Utilization rate3, 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 Allego’s 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. 4
- Total unique users on Allego’s network at the end of 2021 increased by about 70% compared to the prior year, bringing the total cumulative users on Allego’s network since its founding to 620,000 customers. Allego’s network continued to have an approximate 80% recurring rate per month. The Company benefits from scale advantages with a presence across 12 countries and more than 28,000 charging ports.
- In November 2021, Allego 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, CEO of Allego, 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. Allego’s 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.”
Mr. Bonnet continued, “The European EV market is rapidly expanding, with EV sales in December 2021 outpacing those of diesel cars for the first time5. 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.”
Recent Operating and Strategic Initiatives:
- Allego agreed to open 120 new fast charging EV stations across the Netherlands and Belgium, and separately secured 13 additional ultra-fast charging locations along major highways in Flanders, Belgium. Additionally, the Company entered a partnership to install ultra-fast charging locations in France.
Allego expanded its existing partnership with Van der Valk VDC, a prominent European hotel group, to offer fast charging facilities at over 50 hotels across the Netherlands and Belgium. (October 8, 2021)
In a project co-financed by the European Union and the Flemish Agency for Roads and Traffic, Allego expects to install 28 ultra-fast charging stations by the end of this year and to double it to 56 ultra-fast stations by the middle of 2024. (January 20, 2022)
The Company plans to build five ultra-fast charging locations near one of France’s highly trafficked A355 Motorways, with over 28,000 individual vehicles utilizing the road each day. (January 21, 2022)
- Allego entered into a strategic partnership with Nissan.
Spanning 16 countries and across more than 600 locations, Allego plans to install, operate, and maintain DC fast charging solutions of 50kW and 24kW. The partnership provides the full scope of charge point operations services for Allego DC charging hardware at Nissan dealer charging networks with five-year service and maintenance contracts for each charger. (December 2, 2021)
- The Honorable Jane Garvey was appointed Chairwoman of the Board of Allego.
Upon the closing of the business combination with Spartan, Ms. Garvey, the 14th Administrator of the U.S. Federal Aviation Administration (FAA), is expected to assume the role of Chairwoman of the Board of Directors of Allego N.V., the combined company. Ms. Garvey served under Presidents Bill Clinton and George W. Bush. (November 30, 2021)
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