Germany's Hubject raises funds to advance e-mobility in China, U.S.
FRANKFURT -- Germany's Hubject, which is developing a standard method to pay at EV charging stations, secured fresh funds from shareholders to expand into China and the United States.
The need to build, improve and access infrastructure for electric vehicles is seen as a key obstacle for the industry to take off.
The company did not specify how much money it had raised, only saying the investment, the second within a year, was worth millions of euros.
Hubject has more than 61,000 charging points for electric vehicles in its database, mostly in Europe and Japan, and the fresh round of funding gives it the resources to expand. It has already set up a subsidiary in the U.S.
"In China and the United States, too, complex access and payment systems are hindering advances in e-mobility -- a large number of non-standardized charging networks makes it difficult to ensure a smooth charging process," Hubject said in a statement Monday.
In China, the group is currently looking for a partner to set up a joint venture, a pre-condition for foreign companies to do business there, co-CEO Thomas Daiber told Reuters.
Owned by a group of automakers, auto suppliers, engineering groups and utilities, Hubject's ownership reflects the numerous stakeholders expected to be affected by a pickup in demand for EVs.
Hubject's seven owners include Volkswagen, Daimler, BMW, Siemens, Bosch , Innogy and EnBW, which are all banking on the industry's shift away from combustion engines.
Like rivals such as France's Gireve and e-clearing.net, Hubject is trying to establish its service as the standard payment system for charging stations.
Companies also map the stations and supply drivers with information about locations and availability, provided they have a working internet connection.