NYC loans $60m to Revel to triple the city’s EV charging network

New York City (NYC) is providing a $60 million loan to electric vehicle (EV) fast-charging company Revel as part of a plan to more than triple its current public charging network. Governor of New York Kathy Hochul announced the million-dollar transaction in a bid to accelerate EV charging infrastructure deployment across the city. The loan provided by NY Green Bank (NYGB), the State’s clean energy investment fund and a division of the New York State Energy Research and Development Authority (NYSERDA), to Revel, the largest provider of public EV fast-charging in New York City. Governor Hochul said:

“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,” Governor Hochul said. “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.”

The funding is expected to enable the construction of 267 new charging stalls across nine sites. Revel expects to complete construction of the below new sites in the next 12 months, with the remainder to be completed by 2027:

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, making it the largest fast-charging station near an airport in the country.
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.

NY Green Bank President, Andrew Kessler, said:

“NY Green Bank is pleased to share this exciting transaction that is demonstrating 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.”

Revel broke ground in November at JFK Airport, with support from the Port Authority of New York and New Jersey. With funding from NYGB, Revel will now be able to complete construction of the aforementioned 24 charging stalls. That site will open in Q1 2025 and is expected to be one of the most utilized charging stations in the country. Revel charging stations are open to the public on a 24/7 basis for any make and model EV. All chargers installed at future locations will have speeds of at least 320 kilowatts (kW), which can charge an EV in as little as 15 minutes. More information about the Revel deal can be found in NYGB’s transaction profiles on its portfolio page. Keep up-to-date with the latest mobility news by subscribing to MOVEMNT’s free newsletter