Some states are bolstering as President Donald Trump is trying to freeze funds for the $5 billion federal EV charging infrastructure program.
The EV charging infrastructure startup secured a $60 million loan on Monday from New York's clean energy investment fund NY Green Bank to more than triple New York City's current public fast charging network.
The $60 million loan is NY Green Bank's first loan and has yet to fund EV charging infrastructure. The fund's involvement is both a signal that New York is committed to electric vehicles and that debt lenders are beginning to view EV charging infrastructure as a returnable investment.
This funding will help you build nine sites by 2027 that will ultimately lead to 267 new fast charging stalls. Recently, they unveiled the site at John F. Kennedy Airport, with four more in Queens, Brooklyn and the Bronx.
The company will break the ground on its JFK site in November and open in the first quarter of 2025. Like the upcoming stations of Laguardia Airport, the JFK site is located near where the drivers wait for passengers.
Revel's upcoming site in Maspeth, Queens has 60 food stalls, making it one of the largest public charging stations in the country.
“It is important to continue to build electric vehicle infrastructure to facilitate the transition to more New Yorkers, particularly urban EV owners, to help them move towards a clean energy economy,” says New York. Governor Kathy Hochol said in a statement. “This important investment addresses the critical need for New York City electric vehicle users to provide many necessary public charging options while reducing local emissions.”
In 2022, New York state mandated that by 2035 all new sales or lightweight passenger car leases must be zero-emission vehicles.
Levels also focus on other markets. A spokesman for Revel told TechCrunch that the company continues to fund its stocks and debts in particular to build more charging stations in California. Rebel wants to launch a site in the Bay Area this year, turning its eye on slots to the fast-growing electric lobotaki industry there.
