In the past decade, demand for electric vehicles has increased exponentially and is showing no signs of slowing down. In fact, Axios expects the global sale of electric vehicles to surpass 10.5 million this year. This prediction will yield a near 4 million increase as compared to global sales last year.
With high demand often comes high-dollar investments from venture capital firms. PitchBook reports that global VC investments in electric vehicle startups totaled $17.8 billion last year — nearly twice as much as the capital invested in 2020.
Brooklyn-based Revel has reaped in on the trend. On Wednesday, the shared electric vehicle service announced it raised $126 million in a Series B round. The round was led by BlackRock Renewable Power.
“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.
The funding will go toward expanding Revel’s network of EV fast-charging “superhubs.” The startup built its first hub last June in Brooklyn, which allows 24/7 access to a charging station for electric vehicles.
“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.
“We can’t understate the critical need to get fast chargers in the ground. The new funding will help Revel create the infrastructure needed to drive large-scale EV adoption and help cities meet their emissions reduction goals,” Revel spokesperson Robert Familiar told Built In via email.
Through Revel, consumers in New York City, Miami, Austin, D.C., and Oakland, California, are able to reserve and use electric mopeds, e-bikes and Teslas with drivers, according to the company’s website.
According to TechCrunch, the company said it plans to expand charging sites across NYC. Each new site will have between 10 to 25 universal chargers. The company is also exploring placing hubs in other major cities nationwide. In addition to expanding its hubs, Revel is actively hiring for nearly 30 open roles with plans to hire hundreds of employees over the next year.
