Founded in 2018, and operating in four New York City boroughs, Washington, D.C., Miami, Florida, and the California Bay Area, Revel, the Brooklyn-based startup has raised a $126 million Series B in a funding round led by BlackRock Renewable Power.
Revel plans to use the funds to expand its network of EV fast-charging “Superhubs” throughout 2022 with each site having 10-15 unicversal DC-fast chargers.
Existing investors Toyota Ventures and Maniv Mobility, along with Goodyear Ventures, Shell Ventures, Broadscale Group, the St Baker Energy Innovation Fund, Obsidian Ventures and an account managed by Knighthead Capital Management also participated in the round. The latest investment, following a $34 million Series A last year, brings the company’s total funding to around $165 million.
Representatives from BlackRock and Toyota Ventures will join Revel’s board of directors, according to the company.
“This investment is highly complementary to our existing portfolio of investments in the rapidly growing EV charging infrastructure space, which presents an attractive opportunity for our clients as we continue to support the energy transition,” Martin Torres, Head of the Americas for BlackRock, said in a statement.
“Urban charging infrastructure is the missing piece that’s kept millions of drivers from making the switch to EVs, and with this funding Revel will be able to build it in cities across the country,” CEO and co-founder Frank Reig said in a statement.
“Revel’s vertical integration of electric vehicle options on top of fast-charging EV Superhubs maximizes both consumer choice and infrastructure utilization,” Jim Adler, founding managing director of Toyota Ventures, said in a statement. “It’s the right strategy to provide accessible transit that lowers city carbon emissions, improves the health of the planet and drives Revel’s success in the most lucrative markets in the world.”