Revel's Big Pivot: From Ridesharing to EV Charging

Revel Transit Inc., a pioneer in all-electric ridesharing in NYC, is making a dramatic shift. After four years of navigating the competitive rideshare market, Revel is ending its rideshare operations to focus on its fast-growing EV charging infrastructure business.

Why the Change?

According to CEO Frank Reig, the rideshare market is "very competitive and asset-heavy, with low margins." This decision allows Revel to concentrate its resources on building the crucial EV charging infrastructure that major cities desperately need to support the electric vehicle transition.

Revel's Numbers

While Revel's all-electric fleet grew to 500 vehicles, it remained small compared to giants like Uber and Lyft. With only about 100,000 monthly rides, the company's financial performance was not sustainable.

<p>Compared to Uber and Lyft's combined nearly 20 million rides in June, per data from NYC’s Taxi and Limousine Commission, Revel's efforts did not yield significant profits.<p/>

The Future is Charging

Currently, Revel's charging stations are primarily used by Uber and Lyft drivers, highlighting the growing demand for this crucial infrastructure. Revel boasts 100 chargers across five NYC stations and one in San Francisco, aiming for over 400 stalls across Los Angeles, San Francisco, and New York by the end of next year, and a whopping 2,000 by 2030.

This expansion is fueled partly by a $60 million loan from NY Green Bank, supporting Revel's infrastructure goals, especially with government-mandated electrification targets in New York and California.

Uber's partnership with Revel is a key element of their success. Uber's agreement to guarantee usage at Revel's charging stations has boosted utilization significantly.

What's Next?

Revel is selling its rideshare assets, including its fleet of Teslas and Kias, and its 165 for-hire vehicle license plates. The company anticipates achieving profitability through this strategic focus on the expanding EV charging market.