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German government awards €4.1M to Fastned to build 25 fast charging stations

The German Federal Ministry of Transport and Digital Infrastructure awarded Fastned, a company that is building a European network of fast charging stations, €4.1 million (US$4.8 million) in funding to support the buildout of 25 fast charging stations each with multiple chargers across Germany. The stations will be equipped with the latest high powered chargers that can add more than 250 km (155 miles) 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 program of Bundesminister Dobrindt. The program is designed to reduce the investment risk associated with investing in infrastructure before the EVs are actually there.

This enables charging companies such as 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 program 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 (US$354 million) in fast charging infrastructure by covering around 40% of capital expenditures related to the construction of the stations.

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