Revel founder Frank Reig a year later on the introduction of electric vehicles in big cities

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Almost exactly one year ago, we interviewed Revel Founder and CEO Frank Reig when it was on the cusp of expanding into several business lines outside of its original scope of providing general electric mopeds. Today, we take another look at how far the startup has come and what path it must take to achieve its stated goal of helping urban cities transition to electric transport.

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Revel started its moped business in New York in 2018 and has since expanded to Miami, San Francisco and Washington DC. Company. Over the past year, Revel has sharply focused on building fast-charging hubs for electric vehicles. launching its first “Superhub” in New York last June.

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Along the way, the company also started (and quietly shut down) e-bike subscription serviceand launched all-electric taxi service in New York.

Reig recently told me that the company intends to build 200 fast-charging kiosks in New York by the end of this year, “and we plan to build hundreds more in 2023.” Revel’s call-to-passenger business, which currently has 50 Tesla cars cruising Manhattan, will also expand along with electric vehicle charging infrastructure, he said.

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“The way we think about stations depends on scale. Reval is not interested in one charger at Walgreens. It does nothing for the city and does not speed up the transition. The only way to stimulate the adoption of electric vehicles in cities is to create a real network of infrastructure, which does not currently exist. Until a company like Revel builds all of this, this transition to electric vehicles will just be a marketing ploy and chatter.”

We caught up with Reig to talk about Revel’s business, the company’s recent funding from Blackrock, the need to embed network stability into its business model, and what the company thinks about profitability.

This interview, which is part of an ongoing series of interviews with founders building transportation companies, has been edited to be longer and clearer.

TC: It’s been a year since our interview and now Revel seems like a different company! Back then, your core business was moped sharing, but now the focus is on electric vehicle charging infrastructure. Do you still have plans to expand your moped business?

Frank Reig: We have 6,000 mopeds in four markets, so it’s a big business with a lot of revenue. For now, we’re sort of waiting for COVID to officially end until we really start thinking about expanding our micromobility footprint.

At the same time, some mopeds in our fleet are three to four years old. So we start thinking about the next moped technology we want to use. What do we want to think about reinvesting in our markets, in our fleets?

TC: You recently closed $126M Series B round led by Blackrock, and a lot of that goes to electric vehicle charging stations. I think you said you were going to build another one in New York?

Reig: We’re building a lot more in New York.

Everyone keeps talking about switching to electric vehicles. Everyone keeps talking about car OEMs saying they will never make more gas cars again. They fall out of their skin to outdo each other. No one is talking about where all these cars will be charged. This story hasn’t changed since last year. In any case, it got worse. Infrastructure is simply not enough, especially in big cities like New York.

New York State passed a law requiring all cars sold after 2035 to be electric, and by 2025, 20% of new cars sold must be electric. no charging is foreseen, and this is where our strategy comes into play.

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