To build a $60 million nabs ev charger with funds from New York State
Just like President Donald Trump is trying to do Freeze funds For the $5 billion federal government EV charging infrastructure program, some states have stepped up.
The EV charging infrastructure startup secured a $60 million loan on Monday to more than triple NYC’s current public fast charging network from New York’s clean energy investment fund NY Green Bank.
The $60 million loan is NY Green Bank’s first loan and has not yet funded EV charging infrastructure. The fund’s involvement signaled both NY’s commitment to electric vehicles and that debt lenders are beginning to see 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 announced sites John F. Kennedy Airportand four of them, Queens, Brooklyn and the entire Bronx.
The company broke the ground on its JFK site in November. It is scheduled to 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.
On 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 there must be leases for all new sales or lightweight passenger cars. Zero-emission vehicles by 2035.
Revel Has also focuses 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, aiming to be slots into the fast-growing electric robotics industry there.