fast charging electric vehicles:German government awards 4.1 million euro to Fastned to build 25 fast charging stations
Fastned was today awarded a subsidy of 4.1 million euro by State Secretary Rainer Bomba of the German Federal Ministry of Transport and Digital Infrastructure. Fastned will use the subsidy to build 25 fast charging stations each with multiple chargers across Germany. The stations will be equipped with the latest high powered chargers that can add over 250 km of range in 20 minutes. Fastned expects to open the first stations in the first months of next year.
The subsidy is part of the electric vehicle (EV) charging infrastructure stimulation programme of Bundesminister Dobrindt. The programme is designed to reduce the investment risk associated with investing in infrastructure before the EVs are actually there. This enables charging companies like Fastned to invest ahead of the market and have charging infrastructure in place even before large numbers of EVs will hit the roads. As such, the programme is intended to solve the ‘chicken-and-egg’ problem whereby people are hesitant to buy an EV when there is no charging infrastructure and investors are hesitant to invest in charging infrastructure when there are only few EVs.
The charging infrastructure programme stimulates charging companies to invest 300 million euro in fast charging infrastructure by covering around 40% of capital expenditures related to the construction of the stations.
Rainer Bomba, State Secretary at BMVI: “The German Federal Ministry of Transport and Digital Infrastructure (BMVI) welcomes Fastned’s plan to invest in a nationwide network of fast charging stations in Germany, as well as operating it for the long term and to the highest standards. With all issued grants the BMVI pursues the goal to accelerate the roll-out of charging infrastructure and by doing so increase the acceptance of alternative drive systems. The BMVI is confident that Fastned will offer drivers of EVs a valuable service with its fast charging network in Germany.”
Michiel Langezaal, CEO of Fastned: “We are very happy that the German government has initiated this programme because it brings forward the break-even point, making it more attractive for investors to invest in this green infrastructure. In the next few years, billions of euros will need to be invested in this infrastructure to provide charging capacity for the rapidly increasing numbers of EVs on European roads. Germany is central for our ambitions to create a European charging network and this subsidy really helps to accelerate the roll-out of stations in the centre of Europe.”
Bart Lubbers, co-founder of Fastned: “We are delighted to have being granted this subsidy from BMVI, which will allow Fastned to accelerate its investments in Germany, create green jobs in the process, build sustainable infrastructure, and support Germany in it’s e-mobility goals as well as in it’s commitment to it’s Paris accord.”