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, will enable Revel to more than triple its current New York City public fast charging network this year.
The loan represents NYGB’s first EV charging infrastructure transaction and supports the expansion of investments in clean transportation to reduce greenhouse gas emissions while increasing access to critical charging infrastructure necessary for the wider adoption of EVs.
“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.”
This funding will enable the construction of 267 new charging stalls across nine sites and supports the intricate construction activities involved in designing and building EV charging stations. Revel will 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 US; 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; and 20 charging stalls in the Port Morris section of the Bronx.
New York State Energy Research and Development Authority President and CEO Doreen M. Harris 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 and we commend Revel’s leadership in this regard in a major hub and in high-impact locations such as major airports.”
Revel broke ground in November at JFK Airport, adjacent to the main rideshare vehicle waiting area, 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.
State Senator Kevin Parker said, “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. We also must invest in the infrastructure needed to provide confidence, reliability, and convenience for New Yorkers. I applaud Governor Hochul, Revel, and NYSERDA for continuing to provide these opportunities with financing support through New York Green Bank."
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.
Last year, NYGB completed another transaction with Inspiration Mobility — which partners with Revel — to support the deployment of nearly 400 EVs in New York City that are increasing access to clean ridesharing transportation. Over three-quarters of Revel’s pipeline projects being supported by NYGB financing are located in DACs, advancing NYGB's goal to commit a minimum of 35 percent, with a target of 40 percent, of its capital to projects benefiting DAC.
As the largest state green bank in the US, NYGB has committed more than US$2.4bn to advancing New York State’s clean energy economy. Since inception, its investments have mobilized up to US$8.8bn in project costs across technologies, with US$383m mobilized in the clean transportation sector alone.
