Allego, a Leading Pan-European EV Fast Charging Network, Sees Strong Momentum in Early First Quarter of 2022
PARIS & ARNHEM, Netherlands & NEW YORK–(BUSINESS WIRE)–HAllego 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 an operational update for the two months ended February 28, 2022. The Company previously offered a business update for the year ended December 31, 2021, on February 7, 2022, providing an update on recent strategic milestones and meeting or exceeding 2021 expectations.
Selected Operational Highlights for January and February 2022
Allego’s network delivered an average of 10.25GWh per month clean 100% renewable energy to EV drivers in the first two months of 2022, double the level from the comparable prior year two-month period.
Total charging sessions in the two-month period ended February 28, 2022 increased 83% from the prior-year period to 1,345,000, as the Company’s proprietary Allamo and EV Cloud platforms position Allego for continued growth. The average number of public charging ports rose 24% compared to the same period in 2021.
Utilization rate1, a key performance metric, remains strong with the average two-month utilization rate increasing to 7.6% from 4.3% in the prior-year period, and in line with December’s forecast, despite the effects of seasonality and a 17% price increase implemented on January 1, 2022. The utilization trends remain resilient in March, even with the escalation of geopolitical events. The strong performance is due to accelerating EV adoption in Europe, far exceeding sales in the U.S., and increasing reliance on public charging infrastructure.
Total unique users on Allego’s network reached nearly 730,000 at the end of February 2022, increasing 63% year-over-year and almost 10% from year-end 2021. Allego’s network continued to have an approximate 80% recurring rate per month, as the Company benefits from its leading presence across 14 countries and more than 28,000 charging ports.
Mathieu Bonnet, CEO of Allego, commented, “I am pleased with the Company’s operating performance through the first two months of this year as we continue to execute in line with our expectations. Our use of 100% renewable energy, combined with the strong visibility of our secured backlog, positions us well for the balance of 2022. More importantly, as economies diversify their energy sources and EV penetration increases, we are well-positioned to capitalize on our existing scale and blue-chip partnerships.”
The Company is providing this special operational update leading up to the close of its business combination before establishing a more traditional quarterly reporting cadence.
Allego delivers charging solutions for electric cars, motors, buses, and trucks for consumers, businesses, and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network that comprises more than 28,000 charge points operational throughout Europe – and proliferating. Since 2018, Allego is part of Meridiam Group, a global long-term sustainable infrastructure developer and investor, which enables the expansion of Allego’s existing global network, services, and technologies. Our charging solutions are connected to our proprietary platform, EV-Cloud, which gives our customers and us a complete portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable, and safe charging solutions, agnostic of vehicle model or network affiliation. At Allego, we strive every day to make EV charging easier, more convenient, and more enjoyable for all.
About Spartan Acquisition Corp. III
Spartan Acquisition Corp. III is a special purpose acquisition entity focused on the energy value chain. It was formed to enter into a merger, amalgamation, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Spartan is sponsored by Spartan Acquisition Sponsor III LLC, owned by a private investment fund managed by an affiliate of Apollo Global Management, Inc. (NYSE: APO). For more information, please visit www.spartanspaciii.com.
All statements other than statements of historical facts contained in this press release (“Press Release”) are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or phrases) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of Allego’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of Allego. These forward-looking statements are subject to several risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political, and legal conditions; (ii) risks related to the rollout of Allego’s business strategy and the timing of expected business milestones; (iii) risks related to the consummation of the proposed business combination with Spartan being delayed or not occurring at all; (iv) risks related to political and macroeconomic uncertainty; (v) risks related to acts of terrorism, war or political or civil unrest in Europe or elsewhere, including the Russian military invasion of Ukraine; and (vii) the impact of the global COVID-19 pandemic, including its impact on any of the foregoing risks. If any of these risks materialize or Allego’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Allego does not presently know or that Allego currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Allego’s expectations, plans, or forecasts of future events and views as of the date of this Press Release. Allego anticipates that subsequent events and developments will cause Allego’s assessments to change. However, while Allego may elect to update these forward-looking statements at some point in the future, Allego expressly disclaims any obligation to do so unless required by applicable law. These forward-looking statements should not be relied upon as representing Allego’s assessments as of any date after this Press Release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
1Utilization rate is referenced for ultra-fast chargers.
For Spartan Acquisition Corp. III
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