Governor Kathy Hochul announced a 60 million dollars transaction to accelerate electric vehicle (EV) charging infrastructure deployment across New York 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, will enable the largest provider of public EV fast-charging in the city to more than triple its current public fast charging network this year.
This represents NYGB’s first EV charging infrastructure transaction.
NY Green Bank President Andrew Kessler indicates, “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.”
New York State Energy Research and Development Authority President and CEO Doreen M. Harris states, “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.”
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 U.S.
- 44 charging stalls near LaGuardia Airport, making it the largest fast-charging station near an airport in the country. Located in a Disadvantaged Community (DAC).
- 24 charging stalls at John F. Kennedy International Airport (JFK); making it the largest charging station at the airport. Located in a DAC.
- 30 charging stalls in Greenpoint, Brooklyn.
- 20 charging stalls in the Port Morris section of the Bronx. Located in a DAC.
Revel Co-Founder and CEO Frank Reig says, “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.”
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 states, “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.”
State Senator Jeremy Cooney indicates, “The 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.”
Assemblymember William Magnarelli says, “Expanding our charging infrastructure is essential if New York is going to reach its zero-emission transportation goals. These additional chargers will make transitioning to an EV more convenient and reliable.”
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, which can charge an EV in as little as 15 minutes.
Last year, NYGB completed another groundbreaking 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 nation, NYGB has committed more than 2.4 billion dollars to advancing New York State’s clean energy economy for all New Yorkers.
Since inception, its investments have mobilized up to 8.8 billion dollars in project costs across technologies, with 383 million dollars mobilized in the clean transportation sector alone.
NYGB’s transactions are designed for replication and adoption by the private sector, helping to animate the market and mobilize capital into underserved green sectors with a special focus on clean transportation, energy storage, and building decarbonization.
