As President Donald Trump has tried to freeze funding for a $ 5 billion federal EV charging infrastructure program, some state steps.
EV Charging Infrastructure Startup Rewell on Monday received a $ 60 million loan from New York’s Clean Energy Investment Fund NY Green Bank, which exceeds its current public fast charging network in NYC.
The $ 60 million loan is the first for NY Green Bank, which is yet to fund EV charging infrastructure. Fund’s involvement is an indication that NY is committed to electric vehicles, and that lenders are beginning to see EV charging infrastructure as a refundable investment.
Funding will help create nine sites in the city which will eventually translate into 267 new fast-bearing stalls by 2027. In the next 12 months, Rewell intends to complete construction on five public charging sites with around 158 charging stalls, including it, recently announced the site at John F. Kennedy Airport, and Queens, Brooklyn and Four more in Bronx.
The company broke the ground on its JFK site in November, which is expected to open in the first quarter of 2025. Like its upcoming station at La Guardia Airport, JFK is located close to the site, where riding-hail drivers wait for passengers.
The upcoming site, Queens, the upcoming site in Maspeth, will have 60 stalls, which will make it one of the country’s largest public charging stations.
New York Governor Kathy Hocul said, “In support of infection for a clean energy economy, it is important that we are more new yorker, especially urban areas to reduce the shift for EV ownership in urban areas of electric vehicle infrastructure Continue construction. ” statement. “This important investment addresses the important need to provide electric vehicle users in New York City with very essential public charging options, reducing local emissions.”
In 2022, the New York State said that all new sales of light-duty passenger vehicles or leases should be zero emission vehicles by 2035.
Revel has also focused on other markets. A spokesperson of the Revel told Techcrunch that the company is especially continuing equity and debt to manufacture more charging stations in California. Rewell expects to launch a site in Bay area this year, with a look with an eye that slotting in the electric robotaxi industry there.
