While President Donald Trump seeks to halt funding for a $5 billion federal electric vehicle (EV) charging infrastructure initiative, various states are taking initiative.
On Monday, Revel, a startup focused on EV charging infrastructure, secured a $60 million loan from NY Green Bank, New York’s clean energy investment fund. This funding aims to significantly expand its existing public fast-charging network in New York City.
The $60 million loan marks a significant first for NY Green Bank, which has not previously funded EV charging infrastructure projects. This involvement highlights not only New York’s dedication to promoting electric vehicles but also suggests that lenders are starting to view investments in EV charging as viable and profitable.
With this funding, Revel plans to establish nine new charging locations throughout the city, ultimately creating 267 fast-charging stalls by 2027. In the next year, Revel aims to finish construction on five public charging stations that will include around 158 stalls, featuring a site at John F. Kennedy Airport and several others across Queens, Brooklyn, and the Bronx.
Construction for the JFK site began in November, with an expected opening in the first quarter of 2025. Similar to its forthcoming station at LaGuardia Airport, the JFK location is situated conveniently close to areas where ride-hailing drivers meet passengers.
In Maspeth, Queens, Revel plans to open a site with 60 stalls, positioning it to be one of the country’s largest public charging stations.
“To facilitate the transition to a sustainable energy economy, it’s crucial that we continue developing electric vehicle infrastructure. This improvement will support the transition to EV ownership for more New Yorkers, especially those living in urban settings,” stated New York Governor Kathy Hochul. “This substantial investment addresses the pressing need for public charging options for electric vehicle users in New York City, while also working to reduce local emissions.”
In 2022, New York implemented a mandate requiring that all new sales or leases of light-duty passenger vehicles be zero emissions by 2035.
Revel is also focusing on other markets. According to a spokesperson, the company is seeking additional funding, both equity and debt, to expand its charging station footprint in California. Revel plans to introduce multiple locations in the Bay Area this year, aiming to integrate itself into the growing electric robotaxi sector.
The company’s inaugural charging station, featuring 12 stalls in San Francisco’s Mission district, is anticipated to open in March. As per a spokesperson’s remarks to TechCrunch, Revel has eight active lease sites in the Bay Area, collectively developing 125 stalls, all with a target completion date in 2025. Additionally, the company has secured two leases in Los Angeles encompassing 50 stalls, both currently in the design phase.
This article has been updated to provide additional details regarding Revel’s initiatives in California.
Compiled by Techarena.au.
Fanpage: TechArena.au
Watch more about AI – Artificial Intelligence
