Summary
- Revel, a Brooklyn-based electric mobility startup, received a $60 million loan from New York State to build EV charging stations
- The funding will be used to build 267 EV chargers across nine sites, with plans for stations near major airports and a 60-stall site in Queens
- The loan came from the New York Green Bank, the state’s clean-energy investment fund
- Revel’s CEO stated that the company is not dependent on federal support for its business plans
- The company is focusing on areas with supportive policies for electrification, such as New York City, where all rideshare vehicles will be required to be electric by 2030
Article
Revel Receives $60 Million Loan from New York State for EV Chargers
Revel, the Brooklyn-based electric mobility startup, has secured a $60 million loan from New York State to build out 267 EV chargers across nine sites. Plans include charging stations near John F. Kennedy and LaGuardia Airports, as well as a large 60-stall site in Queens. The funding comes from the New York Green Bank, marking its first investment in EV charging infrastructure. This move highlights the growing role of states in supporting the development of electric vehicle infrastructure, especially in the face of federal funding challenges.
Revel’s Expansion Plans and Impact
The $60 million loan will significantly improve access to public DC fast chargers in New York City. The funding will support the construction of 267 charging stalls across multiple locations, with 178 stalls expected to be operational within the next year. Currently, Revel operates four locations with a total of 64 charging ports. The expansion efforts will make it easier for electric vehicle owners to charge their vehicles in key areas of the city, including near major airports and other high-traffic areas.
Challenges Facing Federal Funding for EV Infrastructure
President Trump’s administration has taken steps to limit federal funding for EV charging infrastructure, impacting programs designed to support the expansion of electric vehicle infrastructure nationwide. Despite these challenges, some states, like New York, are stepping in to fill the gap and support the growth of EV infrastructure. The recent actions by the U.S. Department of Transportation to freeze new contracts for the National Electric Vehicle Infrastructure program have sparked criticism from policy experts and Democratic governors.
Revel’s Business Strategy Amid Evolving EV Policies
Revel CEO Frank Reig remains optimistic about the future of the company, stating that they are focused on areas with favorable conditions for electrification, such as New York. With a mandate for all rideshare vehicles to be electric by 2030, New York is expected to see a surge in demand for public EV chargers. While federal EV policies may be uncertain, Revel is strategically positioning itself to capitalize on local incentives and regulations that support electric vehicle adoption.
Revel’s Leadership in EV Charging in New York City
Revel has established itself as a leader in EV charging infrastructure in New York City, where owning an electric car can be challenging due to limited access to charging stations. The company’s efforts to expand its footprint in key areas of the city align with its goal to provide accessible charging options for electric vehicle owners. Additionally, Revel plans to launch several sites in the San Francisco Bay Area, further solidifying its position in the EV charging market.
Conclusion
With the support of a $60 million loan from New York State, Revel is set to advance its EV charging infrastructure expansion plans in New York City. Despite federal funding challenges, the company remains focused on strategic growth in areas with favorable conditions for electric vehicle adoption. By leveraging state-level support and local incentives, Revel is poised to lead the way in providing accessible and convenient EV charging solutions for urban communities.
Read the full article here
