A division of the New York State Energy Research and Development Authority (NYSERDA), NY Green Bank is a specialised investment fund dedicated to bridging financial gaps and mobilising private capital for clean energy and renewable infrastructure in New York State.

In 2024, the NY Green Bank secured a $60 million investment for Revel Transit to triple its electric vehicle (EV) charging network in New York City.

The aim was to facilitate the growth of public EV fast-charging stations in the city and provide a commercially viable financing framework that can be replicated across the sector.

It supports the development of 267 new direct current fast charging stalls across nine sites throughout New York.

NY Green Bank argues the facility shows the bankability of the emerging asset class by overcoming key industry barriers and reports it de-risks EV charging investments by addressing high upfront costs and limited access to affordable capital.

Financing for the facility came from BlackRock and other investors.