As New York City gears up for a cleaner, greener future, Governor Kathy Hochul has announced a robust $60 million investment to bolster the city's electric vehicle (EV) charging infrastructure. In partnership with Revel, the leading operator of public EV fast-charging in the city, the initiatives outlined by the Governor aim to dramatically expand access to rapid-charging facilities, particularly in urban areas. According to the official announcement, the loan from NY Green Bank will help install 267 new charging stalls across nine sites, in an effort to simplify the transition to EV ownership and slash local emissions.
In what's marked as NY Green Bank's maiden EV charging infrastructure transaction, the arrangement is projected to more than triple Revel's current fast charging network within the city this year. This move not only encourages a swifter adoption of EVs but also nudges New York one step closer towards its ambitious emissions-free economy targets. The support for this endeavor is not limited to NY Green Bank, however, as NYSERDA and other state entities contribute to driving the electrification of the transportation sector forward.
Charging station locations like Maspeth in Queens, which is shaping up to be the largest fast-charging setup in the Northeast, and others near major transit hubs like LaGuardia and JFK airports, are particularly noteworthy. These sites, which are scheduled to open within the next 12 to 24 months, will provide essential services to residents and tourists alike. Revel's developments include constructing 60 charging stalls in Maspeth, 44 near LaGuardia, and 24 at JFK. A point of emphasis is also placed on disadvantaged communities, seeing installations that not only distribute technological advancements but also target social equity.
Frank Reig, Co-Founder and CEO of Revel, addressed the impact of NY Green Bank's financing, stating to the Governor's office, "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." This strategic expansion has been in the works for some time, and with shovel-ready sites, the realization of these plans appears imminent. In addition to serving any make and model of EV, these chargers are said to be notably efficient, offering charging speeds capable of reviving an EV in as little as 15 minutes.
Further underlining the state's thrust toward a sustainable backend, NY Green Bank emphasizes the replicability of their financial frameworks, aiming to inspire and leverage private sector involvement in green projects. As indicated in the Governor’s announcement, over three-quarters of Revel's project pipeline backed by the Bank’s financing are located in designated disadvantaged communities, highlighting a conscious drive to merge environmental and social directives into the broader state climate agenda, aiming for a comprehensive emissions-free economy by 2050.
