The European Union (EU) is investing €1.5 billion to build a network of alternative fuel infrastructure, according to TradingPlatforms.

This investment is part of the Fit 55 Package, a major initiative to accelerate the transition toward clean transportation.

The investment will be used to install new charging facilities, expand existing ones, and enable access to hydrogen refueling stations.

The charging infrastructure industry is rapidly evolving to meet the increasing demand for electric vehicles.

As more people invest in electric vehicles, the need for reliable and convenient charging stations is becoming increasingly important.

To provide a level of convenience and accessibility similar to that of refueling conventional vehicles, public chargers are being installed at an ever-increasing rate.

TradingPlatform Financial Analyst Edith Reads said the EU’s initiative to increase the network of alternative fuel infrastructure was a great step forward in developing a greener and more sustainable transport system.

Reads added: “This investment will help reduce emissions, as well as improve air quality in EU countries.”