Revel, the Brooklyn-based electric mobility startup, is set to accelerate EV charging infrastructure deployment across New York City with a $60 million loan from the state’s clean energy investment fund, NY Green Bank.
New York Governor Kathy Hochul highlighted the importance of the new financing, saying that “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,” to support the transition to a clean energy economy.
This $60 million investment aims to make a significant impact on the accessibility of EV charging stations, providing much-needed infrastructure that will reduce local emissions and increase EV adoption across New York City.
With the current federal landscape uncertain, the announcement of this funding signals that some U.S. states are taking matters into their own hands to build out the EV charging network, a critical step in supporting the transition to cleaner transportation.
267 new charging stalls across 9 sites
Revel, already a major player in the EV charging space, will use this loan to build out a network of 267 new fast-charging stalls across nine locations by 2027, with five sites expected to open in the next 12 months.
This project includes ambitious plans for high-impact areas such as airports, where Revel aims to set up the largest fast-charging stations in the Northeast U.S. and the largest in the country near an airport. The project represents a critical step in ensuring that New Yorkers, regardless of where they live, have convenient access to EV chargers.
- 60 charging stalls in Maspeth, Queens, that will be the largest fast-charging station in the Northeast U.S.
- 44 charging stalls near LaGuardia Airport, is set to be the largest fast-charging station near an airport in the U.S.
- 24 charging stalls at John F. Kennedy International Airport (JFK); making it the largest charging station at the airport.
- 30 charging stalls in Greenpoint, Brooklyn.
- 20 charging stalls in the Port Morris section of the Bronx in a designated Disadvantaged Community.
Revel’s strategic placement of charging stations across these high-demand locations will cater to a wide range of New Yorkers, from residents to commuters and travelers. With 24/7 accessibility, Revel’s stations will be open to all EV makes and models, with charging speeds of at least 320 kilowatts (kW)—enough to power up an EV in as little as 15 minutes.
Clean Transportation for all New Yorkers
Revel’s co-founder and CEO Frank Reig emphasized the strategic nature of the company’s growth, saying, “For the past few years, Revel has been preparing a strategic portfolio of the most lucrative fast-charging locations in New York City. These sites are now shovel-ready. With the critical support from NY Green Bank, we are ready to take New York’s EV economy to the next level with a fast-charging network rivaling any other top-tier city.”
The company broke ground in November at JFK Airport, adjacent to the main rideshare vehicle waiting area. With the latest funding, Revel will now be able to complete the construction of the 24 charging stalls at JFK. That site will open in the first quarter of 2025 and is expected to be one of the most utilized charging stations in the country.
This new partnership will bolster New York’s overall climate strategy and is expected to significantly reduce the state’s greenhouse gas emissions, aligning with its ambitious goals of achieving an emissions-free economy by 2050. As New York continues to focus on clean energy and sustainable transportation, this funding supports NY Green Bank’s commitment to mobilizing capital into underserved green sectors, especially in disadvantaged communities.
“Our goal is to leave New York State in a better condition than when we found it. If we are going to move forward with our CLCPA goals, we must transition our transportation sector to clean vehicles,” State Senator Kevin Parker said. “We also must invest in the infrastructure needed to provide confidence, reliability, and convenience for New Yorkers.”
Milestone for NY Green Bank
The $60 million loan marks NY Green Bank’s first-ever investment in EV charging infrastructure. This milestone is indicative of New York’s broader commitment to advancing clean transportation.
NY Green Bank President Andrew Kessler noted, “This exciting transaction demonstrates the viability of financing EV charging infrastructure to support the adoption of electric vehicles. The Revel transaction is an important and replicable precedent we expect will help accelerate investment in this fast-growing sector and expand access to EV charging for more New York drivers.”
Doreen M. Harris, President and CEO of New York State Energy Research and Development Authority (NYSERDA), said: “NY Green Bank’s financing support for critical infrastructure that is advancing clean transportation complements NYSERDA’s efforts to drive the transition to electrification of this sector. Increasing the state’s charging capabilities is a step forward in ensuring New Yorkers can plug in and drive clean.”
“The future of transportation is electric. Today’s investment by the NY Green Bank and NYSERDA represents our state’s continued commitment to new and emerging transportation technologies and a greener, cleaner future for New Yorkers,” State Senator Jeremy Cooney said.
In 2022, New York state mandated that all new sales or leases of light-duty passenger vehicles must be zero emissions vehicles by 2035.
Key Highlights
- Revel secures $60 million loan from NY Green Bank to triple NYC’s EV charging network by 2025.
- The investment will fund 267 new fast-charging stalls at nine locations, including major hubs like JFK and LaGuardia airports, by 2027.
- New stations will be built at high-demand locations like JFK and LaGuardia airports, and in neighborhoods such as Queens, Brooklyn, and the Bronx.
- This marks NY Green Bank’s first investment in EV charging infrastructure.
- Stations will feature 320 kW chargers, enabling EVs to recharge in as little as 15 minutes.
- The initiative will help accelerate New York’s push toward an emissions-free future while boosting EV adoption in underserved urban areas.
