The German Ministry of Transport has awarded €4.1 million ($4.8 million) to network operator Fastned to support the buildout of 25 fast charging stations across Germany. Each station will include multiple chargers that can add more than 155 miles of range in 20 minutes. Fastned expects to open the first stations early next year.
The subsidy is part of a charging infrastructure stimulation program designed to solve the dreaded “chicken-and-egg” problem by reducing the risk associated with investing in infrastructure before widespread adoption of EVs. The program’s goal is to stimulate charging companies to invest €300 million ($354 million) in fast charging infrastructure by covering around 40% of capital expenditures related to the construction of the stations.
This enables charging companies such as Fastned to invest ahead of the market, and have charging infrastructure in place before large numbers of EVs hit the roads.