Revel Secures $60M for EV Charger Expansion in New York

State Initiatives Amidst Federal Funding Concerns

As former President Donald Trump seeks to halt funding for a $5 billion federal program designed to expand EV charging infrastructure, several states are proactively taking steps to bolster their own networks.

Revel Secures Funding for NYC Expansion

Revel, a startup specializing in EV charging solutions, recently obtained a $60 million loan from NY Green Bank, New York’s clean energy investment fund. This financial injection will facilitate a more than threefold increase in Revel’s existing public fast-charging network within New York City.

This loan represents a landmark achievement for NY Green Bank, marking its inaugural investment in EV-charging infrastructure. The fund’s participation underscores New York’s dedication to electric vehicles and signals growing confidence among debt lenders regarding the viability of EV charging infrastructure as a sound investment.

Expansion Plans and Timelines

The allocated funds will enable Revel to establish nine new charging sites throughout the city. These sites are projected to accommodate a total of 267 new fast-charging stalls by the year 2027.

Over the next 12 months, Revel plans to finalize construction on five public charging locations, offering approximately 158 charging stalls. This includes the recently announced facility at John F. Kennedy airport, alongside additional sites in Queens, Brooklyn, and the Bronx.

Groundbreaking at the JFK site occurred in November, with an anticipated opening date in the first quarter of 2025. Similar to the planned station at LaGuardia Airport, the JFK location is strategically positioned near areas where ride-hail drivers await passenger pickups.

A forthcoming Revel site in Maspeth, Queens, will feature 60 stalls, potentially establishing it as one of the largest public charging stations nationwide.

Government Support and Mandates

New York Governor Kathy Hochul emphasized the importance of expanding EV infrastructure to facilitate the transition to EV ownership, particularly for urban residents. She stated that this investment will address the critical need for accessible public charging options while simultaneously reducing local emissions.

In 2022, New York state enacted a mandate requiring all new sales or leases of light-duty passenger vehicles to be zero-emission vehicles by 2035.

Expansion Beyond New York

Revel is also actively pursuing opportunities in other markets. A company spokesperson revealed to TechCrunch that they are currently engaged in fundraising efforts, seeking both equity and debt financing to support the development of additional charging stations in California.

The company intends to launch multiple sites in the Bay Area this year, with a focus on integrating with the emerging electric robotaxi industry.

Their initial charging station in San Francisco’s Mission district, comprising 12 stalls, is slated to become operational in March. Revel currently has eight active lease sites across the Bay Area, encompassing a total of 125 stalls under development, all targeted for completion in 2025.

Furthermore, the company has secured two leases in Los Angeles for a combined 50 stalls, both of which are currently in the design phase.

This report has been updated to provide further details regarding Revel’s initiatives in California.