Courtesy Revel

MOHAMED FARGHALY

mfarghaly@queensledger.com

Governor Kathy Hochul unveiled a $60 million initiative aimed at expanding electric vehicle (EV) charging infrastructure across New York City. The funding, provided by the New York Green Bank (NYGB), will enable Revel, the city’s largest public EV fast-charging provider, to more than triple its existing network this year.

This investment marks NYGB’s first transaction in EV charging infrastructure and supports the state’s efforts to reduce emissions and enhance access to charging stations, which is crucial for the widespread adoption of electric vehicles.

“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,” 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 loan will fund the construction of 267 new charging stalls across nine sites. These new stations, part of a broader expansion by Revel, will be completed over the next 12 months, with some sites finished by 2027.

The new EV charging infrastructure will include several key locations across New York City, such as 60 charging stalls in Maspeth, Queens, which will become the largest fast-charging station in the Northeast U.S. Other notable sites include 44 stalls near LaGuardia Airport, set to be the largest fast-charging station near any U.S. airport, and 24 stalls at John F. Kennedy International Airport (JFK), the largest charging station at that airport. Additionally, there will be 30 stalls in Greenpoint, Brooklyn, and 20 stalls in Port Morris, Bronx, a site located in a Disadvantaged Community.

Andrew Kessler, president of NY Green Bank, expressed excitement about the transaction’s potential to drive further investments in the growing EV sector.

“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,” Kessler said. “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 Co-Founder and CEO Frank Reig highlighted the strategic planning behind the new locations.

“For the past few years, Revel has been preparing a strategic portfolio of the most lucrative fast-charging locations in New York City,” Reig said. “These sites are now shovel-ready. With the critical support from NY Green Bank, we are ready to take New York’s EV economy to the next level with a fast-charging network rivaling any other top-tier city.”

Revel began construction in November at JFK Airport, where 24 new charging stalls are expected to open by Q1 2025, becoming one of the busiest stations in the U.S.

State and local leaders praised the initiative as a vital step toward achieving New York’s climate goals.

“Our goal is to leave New York State in a better condition than when we found it,” said State Senator Kevin Parker. “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.”

“The future of transportation is electric,” said State Senator Jeremy Cooney. “Today’s 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 also voiced support.

“I am encouraged by this announcement. 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’s charging stations are open 24/7 to all EV makes and models. Future chargers will support speeds of at least 320 kilowatts (kW), enabling vehicles to charge in as little as 15 minutes.

This funding follows a similar transaction last year, where NYGB supported the deployment of nearly 400 EVs in New York City in collaboration with Inspiration Mobility, a Revel partner. Over 75% of Revel’s upcoming projects funded by NYGB are located in Disadvantaged Communities (DACs), which aligns with NYGB’s goal of dedicating 35-40% of its capital to projects benefiting DACs.

NY Green Bank, the largest state green bank in the nation, has committed more than $2.4 billion to advance New York’s clean energy economy. Its investments have helped mobilize over $8.8 billion in project costs across various sectors, including $383 million in clean transportation.

New York’s climate agenda seeks an affordable and just transition to a clean energy economy, creating family-sustaining jobs and promoting green investments. The state is working to achieve an emissions-free economy by 2050, with efforts spanning energy, buildings, transportation, and waste sectors.