Revel, a player in the electric vehicle (EV) landscape, is set to establish extensive networks of public EV fast-charging stations in New York and the San Francisco Bay Area, reinforcing its dedication to promoting electric mobility.
The company’s announcement comes on the heels of its recent declaration of plans to introduce five additional ‘Superhubs’ in New York City, a move that will contribute a substantial 136 public charging stalls to New York’s growing EV infrastructure.
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In November 2022, Revel secured a significant financial boost with a $50 million debt financing agreement with BlackRock Alternatives. These funds are earmarked for the development of Revel’s EV fast-charging Superhubs, strategically positioned in urban centers throughout the United States.
This financial investment closely follows Revel’s successful $126 million Series B funding round unveiled in February of the preceding year, which was led by BlackRock and garnered support from notable backers, including Toyota Ventures and Shell.
Notably, Revel extends its operations beyond charging infrastructure into the realm of ride-hailing services in New York City. The company employs over 1,500 drivers, operating a fleet of approximately 500 electric vehicles. A significant development emerged in the form of New York City’s recent regulatory mandate, stipulating that all ride-hailing companies must transition to electric vehicles.
Under the regulations disclosed in October, ride-hailing providers are obligated to ensure that five percent of all rides offered are executed using battery electric vehicles (BEVs) or wheelchair-accessible vehicles by the conclusion of 2024. This percentage will progressively increase until the entire ride-hailing fleets must be exclusively composed of all-electric vehicles by 2030.
