New York could have 6.4 million electric vehicles on its roads by 2040, en route to the development of a 100% zero-emissions power sector.

New York’s clean energy investment fund will provide a $60 million loan to Revel, the largest provider of public electric vehicle fast-charging in New York City, to more than triple the size of its public network in the city.

The loan will be provided by NY Green Bank, a division of the New York State Energy Research and Development Authority, and is the bank’s first charging infrastructure transaction. The deal comes at a time when the federal government is halting its support for EV charging and plans for a nationwide network.

In total, New York’s loan will support Revel adding 267 new charging stalls across nine sites, according to a statement from Gov. Kathy Hochul’s office. Most will be completed within the next 12 months, with the remainder installed by 2027.

“In support of the transition to a clean energy economy, it is critical that we continue to build electric vehicle infrastructure to ease the shift to EV ownership for more New Yorkers, especially those in urban areas,” Hochul said. “This significant investment addresses the key need of providing electric vehicle users in New York City with much needed public charging options while reducing local emissions.”

NY Green Bank President Andrew Kessler called the transaction “an important and replicable precedent we expect will help accelerate investment in this fast-growing sector.”

The state could have 6.4 million EVs on its roads by 2040, en route to the development of a 100% zero-emissions power sector, according to a Brattle Group report prepared for NYSERDA and the New York Department of Public Service.

Revel has been preparing a “strategic portfolio” of potentially lucrative EV charging sites for the past few years, allowing the company to move ahead quickly, Revel CEO Frank Reig said.

“These sites are now shovel-ready,” Reig said. “With the critical support from NY Green Bank, we are ready to take New York’s EV economy to the next level with a fast-charging network rivaling any other top tier city.”

The New York Department of Transportation had expected to receive approximately $175 million from the federal government through the National Electric Vehicle Infrastructure formula program over five years. The program was included in the bipartisan infrastructure law passed by Congress in 2021 but was suspended by the Trump administration on Thursday.