Revel is now all in on the EV charging business.
Clearly, Revel isn’t alone in this initiative. But the size of its charging investment could put this company on the map in a way that its blue mopeds and Teslas haven’t yet.about the company’s NYC charging expansion; its transition from a moped company to a charging provider; the many logistical hurdles involved with adding fast charging in the Big Apple; and where he sees the company going next.
So when there is a demand spike like that, unfortunately, it’s hard to meet it because of everything that we’re doing to make this business grow.Some of our promotional codes that we had done throughout the year for various things to drive ridership — they had accumulated and were allowed to kind of enter into the system at once. So actually, believe it or not, on social media, a sort of Reel went viral.
That’s kind of a good problem to have, almost. And was it just not enough cars, not enough drivers to meet this influx of demand, or both? We believe if you’re going to operate in the city and use a public right-of-way, you should be employing people that live there as well. If you go back to the founding of this company, it was born out of my frustration in getting around the city of New York. I’m a born and bred New Yorker. And it is just frustrating getting around the city sometimes.
As a company, we’re constantly on the bleeding edge, and now, we’re leading on electrification of the city and building up the fast charging that is so desperately needed here. Everybody knows it’s a problem. When you think about big cities in the US like New York, the EV transition is just stuck in neutral. It’s just not happening. You see many EVs in New York?So you have this EV transition that’s stuck in neutral. One of the things that’s very unique about our business model is that we’re bringing both charging and energy and mobility into one strategy. We’re executing on that right now in 2023. We’re not talking about what we’re good to do in five, seven years.
What would you say is the core revenue driver right now — the moped business, charging, or ridehailing? And the second part of that is, can you speak to how 2022 went revenue-wise and say anything about what you’re projecting for 2023? So there is no one without the other. And if you’re talking about just one of those, you’re usually talking about 2030 then, as a company.I’ll pass on any revenue conversations.
I would say, if I’m going to answer that question more holistically, just to give you an understanding that, yes, this is really difficult — think of a Venn diagram of all the things that need to overlap in order to put 50 fast-charging stalls in the Bronx or Queens or somewhere else in Brooklyn or Manhattan. To put that amount of infrastructure in the ground, zoning laws need to match up. What does the zoning say? Can you even do that? A good 90 percent of the city is no, approximately.
Some of these sites, like the 60-stall site in Maspeth, Queens, we signed that site, I believe, in 2021. It took two years to get that site going, and that’s moving fast. That’s like pushing every day, every agency, every landlord, every construction worker — push! And it still takes forever. What else do you think needs to happen in New York City to meet the rise of EVs that are going to be coming over the next decade? What must happen in this city to get to the level that the auto industry is sort of imagining for the near future?
So if [charging] is behind a fence, it’s private. Why should you go to the front of the line? But if it’s public charging, it gets prioritized because you’re advancing electrification. Get that power upgrade done.
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