FRANKFURT -- Volkswagen Group has taken a stake in the German company Hubject, which is developing a standard method to map and pay at electric charging stations. VW is joining other automakers, utilities and engineering groups that are preparing for an expected boom in electric vehicles
"With our investment in Hubject we are supporting the digital transformation and making an important contribution to the transition to the era of e-mobility," Thomas Sedran, VW Group's head of group strategy, said in a statement today.
Hubject, which also counts BMW Group, Robert Bosch, Daimler, Siemens, EnBW and Innogy among its owners, will also receive a fresh single-digit million-euro funding round, co-CEO Thomas Daiber said.
"That way we can better expand our business in the future," he told Reuters. "Together with our new shareholder we will be working at top speed to push forward with interconnecting the charging infrastructure."
Uptake of EVs in Germany and elsewhere in Europe has been slow due to their limited range, the small number of fast charging stations and different payment methods.
As a result, leading carmakers, including VW, Daimler and BMW, last month agreed to invest in thousands of fast electric charging sites across Europe to fuel demand.