Revel NABS' $60 million funding in New York State to build more EV chargers
Some states are stepping up as President Donald Trump tries to freeze funding for a $5 billion federal electric vehicle fee infrastructure program.
EV charging infrastructure startup Revel received a $60 million loan from NY Green Bank, a New York clean energy investment fund, on Monday to triple its current public fast charging network in New York City.
The $60 million loan is the first of New York Green Bank, which has not yet funded the electric vehicle charging infrastructure. The fund's involvement shows New York's commitment to electric vehicles, and debt lenders are beginning to see EV charging infrastructure as a returnable investment.
The funding will help revel in nine sites across the city and will eventually translate into 267 new fast charging booths by 2027. Over the next 12 months, Revel intends to complete construction at five public charging sites, including about 158 charging booths, including its 158 booths recently announced at John F. Kennedy Airport Four sites have been announced in Queens, Brooklyn and the Bronx.
The company broke ground on the website of Kennedy International Airport (JFK) in November and is expected to open in the first quarter of 2025. Like the upcoming station at Laguardia Airport, the Kennedy International Airport (JFK) site is close to the ride-hailing drivers waiting for passengers.
Revel's upcoming site in Queens in Maspeth will have 60 stalls, which will be one of the largest public charging stations in the United States.
“To support the transition to a clean energy economy, it is crucial that we continue to build electric vehicle infrastructure to mitigate toward more New Yorkers, especially in Transformation of EV ownership in urban areas. ” Statement. “This significant investment addresses the critical need to provide New York City with much-needed public charging options for EV users while reducing local emissions.”
In 2022, New York State requires that by 2035, all new sales or light passenger car rentals must be zero-emission vehicles.
Revel also focuses on other markets. A Revel spokesman told TechCrunch that the company is continuing to raise funds, especially equity and debt, to build more charging stations in California. Revel aims to open multiple sites in the Bay Area this year and focus on entering the emerging electric Robotaxi industry there.
The company's first charging station is the 12-station location in the San Francisco Mission District, which is scheduled to go online in March. A spokesperson told TechCrunch that on eight active rental sites across the Bay Area, a total of 125 stalls are under development, with all targets opening in 2025. In the design stage.
This article has been updated to include more information about Revel's plans in California.