The race to build EV charging for fleets just got a much bigger player. Brooklyn-based Revel announced Tuesday that it's combining with Voltera, the EQT-backed charging network built for fleets.
The new company will keep the Voltera name, with Revel CEO Frank Reig running it. It lands as one of the largest fast-charging footprints in the country built for fleet and self-driving customers.
Revel started as an electric mopeds and rideshare business in New York before pivoting hard - last year it shut down ride-hail to focus on fast charging in big U.S. cities. Voltera came at the same problem from the other side, spinning out of data center operator EdgeConneX in 2022 with EQT backing to build charging hubs for trucks, vans, and high-utilization fleets.
Put together, the new platform expects more than 1,000 charging stalls either live or in development across 11 metro markets. It's positioning itself as the charging backbone for the next wave of autonomous ride-hail like Waymo and delivery fleets that need reliable, dedicated power in dense cities.
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EQT will hold the majority stake in the combined business, while Global Infrastructure Partners - BlackRock's infrastructure arm and Revel's lead sponsor - keeps a minority position. That ownership lineup matters because EQT and BlackRock are two of the biggest infrastructure investors in the world.
When they sit on the same cap table, capital tends to follow. EQT partner Erwin Thompson called the electrification of urban mobility "one of the most capital-intensive infrastructure buildouts of this decade," signaling the new company is built to keep spending.
Current Voltera CEO Brett Hauser will step out of the top job at close. He'll stay on as a senior commercial advisor through the transition.
The bigger story is who the buyer is, not who got bought. Robotaxi and self-driving fleets are scaling fast, and they need dedicated charging hubs near where they operate.
The combined Voltera is making a clear bet that fleets and AV operators are the long-term customers of EV charging - not individual drivers. Whether that bet pays off depends on how fast AV deployments scale over the next few years.
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