Revel Secures $60 Million Funding from New York State to Upgrade EV Charging Infrastructure
As President Donald Trump seeks to halt financial support for a $5 billion federal program dedicated to EV charging infrastructure, numerous states are moving forward with initiatives.
On Monday, Revel, a startup focusing on EV charging infrastructure, secured a $60 million loan from NY Green Bank, New York’s clean energy investment fund. This financial boost will allow the company to significantly enhance its public fast-charging network in New York City.
This $60 million loan represents a landmark investment for NY Green Bank, marking their inaugural involvement in EV charging projects. The fund’s engagement highlights New York’s commitment to electric vehicles and indicates that financial institutions are increasingly viewing EV charging infrastructure as a viable investment.
Using this funding, Revel plans to establish nine locations throughout the city, which will add 267 new fast-charging stalls by 2027. Over the coming year, Revel aims to complete five public charging stations with around 158 charging stalls, including a recently announced spot at John F. Kennedy Airport, along with four additional sites in Queens, Brooklyn, and the Bronx.
Construction at the JFK site began in November, with an anticipated opening in the first quarter of 2025. Like its upcoming station at LaGuardia Airport, the JFK location will be conveniently positioned near areas where ride-hail drivers typically wait for passengers.
Revel’s forthcoming site in Maspeth, Queens, is expected to feature 60 stalls, potentially becoming one of the largest public charging stations in the country.
“To facilitate the transition to a clean energy economy, it is vital to continue enhancing electric vehicle infrastructure, making EV ownership more accessible for New Yorkers, particularly in urban areas,” stated New York Governor Kathy Hochul. “This substantial investment addresses the urgent need for public charging options for electric vehicle users in New York City while helping to lower local emissions.”
In 2022, New York State implemented a mandate requiring that all new sales or leases of light-duty passenger vehicles be zero-emission by 2035.
Revel is also exploring opportunities in other markets. A representative from the company informed TechCrunch that Revel is actively pursuing both equity and debt funding to expand its network of charging stations in California, with plans to open a site in the Bay Area this year, aiming for integration within the growing electric robotaxi sector.