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As President Donald Trump attempts to freeze funding for a $5 billion federal EV charging infrastructure program, some states are stepping up.
EV charging infrastructure startup Revel secured Monday a $60 million loan from New York’s clean energy investment fund NY Green Bank to more than triple its current public fast charging network in NYC.
The $60 million loan is a first for NY Green Bank, which has yet to fund EV charging infrastructure. The fund’s involvement is a signal both that NY is committed to electric vehicles, and that debt lenders are beginning to see EV charging infrastructure as a returnable investment.
The funding will help Revel build out nine sites across the city that will eventually translate to 267 new fast-charging stalls by 2027. Over the next 12 months, Revel intends to complete construction on five public charging sites with around 158 charging stalls, including its recently announced site at John F Kennedy airport, and four more across Queens, Brooklyn, and the Bronx.
The company broke ground in November at its JFK site, which it expects to open in the first quarter of 2025. Like its upcoming station at La Guardia airport, the JFK site is located close to where ride-hail drivers wait for passengers.
Revel’s upcoming site in Maspeth, Queens will have 60 stalls, which would make it one of the largest public charging stations in the nation.
“In support of the transition to a clean energy economy, it is critical that we continue to build electric vehicle infrastructure to ease the shift to EV ownership for more New Yorkers, especially those in urban areas,” New York Governor Kathy Hochul said in a statement. “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 has is focused on other markets as well. A spokesperson for Revel told TechCrunch that the company is continuing to fundraise, specifically equity and debt, to build out more charging stations in California. Revel hopes to launch a site in the Bay Area this year, with an eye towards slotting into the burgeoning electric robotaxi industry there.
