Nov 17, 2022 - 04:27 pm

Revel receives more funding to build on Red Hook Superhub

Brooklyn-based e-mobility and infrastructure company Revel has completed a $50 million debt financing with BlackRock Alternatives. Revel will use the funds for its EV fast-charging Superhubs, which the company wants to install in urban areas across the USA.

The investment follows Revel’s $126 million Series B funding round announced in February this year and was also led by BlackRock alongside funders such as Toyota Ventures or Shell.

“BlackRock’s Climate Infrastructure team has been a great partner to Revel, and today’s announcement shows just how committed they are to our shared goals,” said Revel CEO and
Co-Founder Frank Reig. He added they were planning “a huge expansion” of the Superhub network, which currently comprises Revel’s flagship, the Bed-Stuy Superhub, which opened in 2021 with 25 fast-charging stalls, a spokesperson informed electrive.

We had previously reported on plans for the Red Hook Recharge Zone, in Brooklyn, New York City, where Revel received $200,000 to develop the project and today announced further funding. The company has been selected as a grand prize awardee for the $85 million New York Clean Transportation Prizes Program in the Electric Mobility Challenge category. Revel and its community partners, Green City Force and Empire Clean Cities, will receive $7 million in funding to build out the Red Hook Superhub with 20 ultrafast EV charging stalls and a community centre that will provide green jobs training to residents. The new site will include solar canopies, a fleet of 30 vehicle-to-grid (V2G) capable electric vehicles and battery energy storage infrastructure. The site will be online in 2024, Revel told us.

Red Hook was also home to the company’s first moped and EV service facility, reportedly established in 2019, yet later ran into difficulties concerning road safety. Launching a fleet of Tesla taxis in NYC provided Revel with further obstacles, but the website shows both services are now live and active.

“As Revel continues to expand access to electric mobility and build the EV charging
infrastructure that New Yorkers need, we’re especially focusing on neighbourhoods like Red
Hook that are long overdue for this kind of investment,” said Paul Suhey, Revel Co-founder &
COO.

Editor’s note: This article has been updated to include information on the Bed-Stuy Superhub.

revel.com (Blackrock funding), revel.com (Red Hook), gorevel.com

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Found on electrive.com
https://www.electrive.com/2022/11/17/revel-receives-more-funding-to-build-on-red-hook-superhub/
17.11.2022 16:32