Revel receives $60M from New York State to expand its EV charger manufacturing
Revel, a startup in EV charging infrastructure, secured a $60-million loan Monday from New York’s clean energy investment funds NY Green Bank. The money will be used to triple the current network of public fast charging stations in NYC. The $60 million loan from NY Green Bank is the first time they have funded EV charging infrastructure. The involvement of the fund is a sign that NY is serious about electric vehicles and that debt providers are starting to view EV charging infrastructures as an investment that will pay off. The funding will be used to help Revel develop nine charging stations across the city, which will result in 267 fast-charging stations by 2027. Revel plans to finish construction of five public charging stations with 158 charging stalls in the next year, including the recently announced site in John F Kennedy Airport, as well as four others in Queens, Brooklyn and the Bronx. The JFK station is also located near where the ride-hail drivers are waiting for passengers, just like its upcoming station in La Guardia Airport. Revel’s new site in Maspeth in Queens, will feature 60 charging stalls. This would make it the largest public charging station in the country. “In order to support the transition to clean energy, it’s critical that we build electric vehicle infrastructure in order to ease the switch to EV ownership by more New Yorkers,” New York Governor Kathy Hochul stated in a press release. “This significant investment addresses the key need of providing electric vehicle users in New York City with much needed public charging options while reducing local emissions.”
In 2022, New York State mandated that all new sales or leases of light-duty passenger vehicles must be zero emissions vehicles by 2035.
Revel is also focused on other markets. Revel’s spokesperson told TechCrunch the company continues to raise funds, primarily equity and debt to build more charging stations in California. Revel is hoping to open a charging station in the Bay Area by the end of this year. The company wants to be able fit into the growing electric robotaxi market there.
