Revel will focus on EV infrastructure and ride-hailing
According to an email to its users (which was posted on X, formerly Twitter), Revel is looking to build “large networks of public EV fast charging stations in New York and the Bay Area so more people can go electric.” Just recently, the company announced plans to develop and open five new of its so-called ‘Superhubs’ in New York City, adding a total of 136 public charging stalls to New York’s EV infrastructure.
In November 2022, Revel completed a $50 million debt financing with BlackRock Alternatives. Revel said it would use the funds for its EV fast-charging Superhubs, which the company wants to install in urban areas across the USA.
The investment followed Revel’s $126 million Series B funding round announced in February of last year that BlackRock also led alongside funders such as Toyota Ventures or Shell.
The company also offer ride-hailing in New York City, employing more than 1,500 drivers to operate its fleet of some 500 EVs. The Big Apple recently announced a measure, requiring all ride-hailing companies to go electric.
According to the regulation announced in October, five per cent of all rides offered must be with a BEV or a wheelchair-accessible vehicle by the end of 2024. The percentage increases gradually until all ride-hailing fleets must be all-electric by 2030.