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Revel nabs $60M in New York state funding to build more EV chargers
Revel secured a $60M loan from New York’s NY Green Bank to expand its EV charging network in NYC, aiming to build 267 new charging stalls by 2027. This funding comes as states counter potential federal cuts to EV infrastructure. The investment supports New York's transition to electric vehicles, with new mandates requiring zero-emission vehicles by 2035.
Key points
- Revel received a $60M loan, a first for NY Green Bank for EV infrastructure, to triple its charging network in NYC.
- Funding will create nine new charging sites, adding 267 fast-charging stalls by 2027.
- Construction will start with five sites, including JFK Airport, expected to open in Q1 2025.
- Governor Hochul emphasized the need for EV infrastructure to support urban residents and reduce emissions.
- New York aims for all new light-duty vehicles sold to be zero emissions by 2035.
- Revel also plans expansions into California, anticipating a significant role in the electric robotaxi industry.
Why it matters
- In response to federal funding freezes, states are independently investing in clean energy infrastructure.
- The shift towards electric vehicle adoption mirrors global trends in reducing carbon emissions.
- New York's strict emissions mandates align with growing consumer demand for sustainable transportation options.
- The establishment of charging networks is crucial for the anticipated growth of electric vehicle markets and services by 2025.
The $60M loan to Revel marks a crucial step in enhancing NYC's EV infrastructure, poised to meet state mandates and address urban mobility needs while countering federal funding challenges.