Revel is a New York City-based electric vehicle (EV) rideshare and infrastructure company founded in 2018 by Frank Reig and Paul Suhey. The company began by offering electric moped-sharing services and has since expanded its focus to include EV ride-hailing and the development of urban fast-charging networks. Revel's mission is to accelerate the adoption of electric vehicles in urban environments by providing accessible and reliable transportation and charging solutions.
Key Strategic Focus
Revel's strategic objectives center on:
- EV Ride-Hailing Services: Operating a fleet of electric vehicles, primarily Tesla Model Ys, to offer ride-hailing services in New York City.
- Urban Charging Infrastructure: Developing and deploying fast-charging stations to support both Revel's fleet and the general public, addressing the critical need for urban EV charging solutions.
- Sustainable Urban Mobility: Transitioning urban transportation systems to electric power to reduce carbon emissions and promote environmental sustainability.
Financials and Funding
Revel has secured significant funding to support its expansion:
- Series B Funding: In February 2022, Revel raised $126 million in a Series B funding round led by BlackRock, with participation from Toyota Ventures, Goodyear Ventures, Shell Ventures, Broadscale Group, Obsidian Ventures, the St Baker Energy Innovation Fund, and Knighthead Capital Management. The capital is intended to further develop and expand Revel's vehicle charging network.
Technological Platform and Innovation
Revel's technological initiatives include:
- EV Charging Hubs: Establishing fast-charging hubs with high-capacity chargers capable of delivering up to 320 kW, enabling rapid charging for EVs.
- Fleet Management: Utilizing advanced fleet management systems to optimize the operation and maintenance of its electric ride-hailing vehicles.
Leadership Team
- Frank Reig: Co-founder and Chief Executive Officer.
- Paul Suhey: Co-founder and Chief Operating Officer.
Competitor Profile
- Market Insights and Dynamics: The urban EV transportation and charging infrastructure market is experiencing rapid growth, driven by increasing environmental awareness and supportive government policies.
- Competitor Analysis: Key competitors include:
- Lime: Offers electric scooter and bike-sharing services in urban areas.
- Gotcha Mobility: Provides shared mobility solutions, including electric bikes and scooters.
- Muving: Operates electric moped-sharing services in various cities.
Strategic Collaborations and Partnerships
Revel has engaged in strategic partnerships to enhance its market position:
- Uber: In March 2024, Revel partnered with Uber to expand its charging network, aiming to support the electrification of ride-hailing services.
Operational Insights
Revel's competitive advantages include:
- Integrated Services: Combining ride-hailing with charging infrastructure to create a comprehensive urban EV ecosystem.
- First-Mover Advantage: Establishing a significant presence in urban EV charging, particularly in New York City, positioning itself as a leader in the market.
Strategic Opportunities and Future Directions
Revel's future strategies involve:
- Expansion of Charging Infrastructure: Continuing to build and deploy fast-charging stations in key urban areas to meet the growing demand for EV charging.
- Scaling Ride-Hailing Services: Increasing the size and reach of its electric ride-hailing fleet to serve a broader customer base.
- Technological Innovation: Investing in advanced technologies to enhance service efficiency and customer experience.
Contact Information
- Website: gorevel.com
- LinkedIn: Revel
