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Uber Technologies (NYSE:UBER) and Revel announced on Wednesday a multi-year strategic partnership that aims to provide Uber drivers in New York City with exclusive charging discounts and access to up to 250 fast charging stalls within New York City. The partnership will first launch in New York City, with the intention to expand to additional U.S. cities including Los Angeles, San Francisco, Chicago and Boston.
Notably, Uber (UBER) drivers will be eligible for exclusive charging discounts up to 25% off charging rates at Revel stations based on their status with Uber Pro.
As part of the exclusive deal between the companies, Uber (UBER) will provide a financial commitment in the form of a utilization guarantee up to certain levels on existing and future Revel charging stations in New York City. Uber (UBER) will also contribute aggregated and anonymized data to inform future site development, which is expected to help Revel expand its charging network faster into urban charging deserts. “Tackling urban charging deserts is an important part of building an all-electric future,” noted Uber VP Andrew Macdonald.
Background: Revel is a Brooklyn-based company that has a stated mission to help New York and other big cities transition to a zero-emission electric future. The company is the leading provider of public electric vehicle fast charging in New York and the operator of the city’s first all-electric rideshare service. Revel currently operates the three largest public fast charging stations in New York City: 25 chargers in Bedford-Stuyvesant, Brooklyn; 15 chargers in South Williamsburg, Brooklyn; and 14 chargers in Long Island City, Queens. Revel has an active pipeline to add up to 500 more chargers in New York City and the Bay Area through 2025 — including near LaGuardia Airport, one of the most in-demand zones for rideshare trips in New York City, where Revel also plans to develop 48 public fast chargers directly adjacent to the for-hire vehicle waiting area.
For its part, Uber Technologies (UBER) is also partnering with Tesla (TSLA) to boost EV adoption in key areas of the U.S.
Shares of Uber Technologies (UBER) rose 1.05% in premarket trading to $79.09. Seeking Alpha Investing Group Leader Jonah Lupton posted a deep dive into Uber’s (UBER) upside in a new article.