Carbon Revolution Secures Further Release of $5 Million from OIC as Company Launches Key Program
Carbon Revolution plc (Nasdaq: CREV), a leading manufacturer of lightweight advanced technology automotive carbon fiber wheels, has announced the early release of an additional $5 million from OIC's escrowed $35 million facility. This brings the total released amount to $25 million. In exchange, the Company issued OIC a warrant to purchase shares equal to 2.5% of its outstanding shares.
The funds will support Carbon Revolution's efforts to meet growing demand from OEM customers. The Company is investing heavily in capacity and throughput, achieving record wheel production rates. This news follows the recent announcement of Carbon Revolution supplying carbon fiber wheels for the newly revealed Chevrolet Corvette ZR1.
Carbon Revolution plc (Nasdaq: CREV), un produttore di ruote automobilistiche in fibra di carbonio leggere e tecnologicamente avanzate, ha annunciato il rilascio anticipato di ulteriori 5 milioni di dollari dal fondo di 35 milioni di dollari gestito da OIC. Ciò porta l'importo totale rilasciato a 25 milioni di dollari. In cambio, la Società ha emesso a OIC un warrant per l'acquisto di azioni pari al 2,5% delle sue azioni in circolazione.
I fondi supporteranno gli sforzi di Carbon Revolution per soddisfare la crescente domanda da parte dei clienti OEM. L'azienda sta investendo pesantemente in capacità e produzione, raggiungendo tassi di produzione di ruote record. Questa notizia segue l'annuncio recente che Carbon Revolution fornirà ruote in fibra di carbonio per la nuova Chevrolet Corvette ZR1.
Carbon Revolution plc (Nasdaq: CREV), un fabricante líder de ruedas de fibra de carbono automotrices ligeras y de tecnología avanzada, ha anunciado el anticipo de 5 millones de dólares del fondo de 35 millones de dólares en custodia por OIC. Esto eleva el monto total liberado a 25 millones de dólares. A cambio, la compañía emitió a OIC una garantía para comprar acciones que equivalen al 2.5% de sus acciones en circulación.
Los fondos apoyarán los esfuerzos de Carbon Revolution para satisfacer la creciente demanda de los clientes OEM. La empresa está invirtiendo fuertemente en capacidad y producción, logrando tasas de producción de ruedas récord. Esta noticia sigue al reciente anuncio de que Carbon Revolution suministrará ruedas de fibra de carbono para el recién revelado Chevrolet Corvette ZR1.
Carbon Revolution plc (Nasdaq: CREV)는 경량 고급 기술 자동차 탄소 섬유 휠의 선도적인 제조업체로, OIC의 3,500만 달러 에스크로 계좌에서 추가로 500만 달러를 조기 방출한다고 발표했습니다. 이는 총 방출 금액을 2,500만 달러로 증가시킵니다. 이에 따라 회사는 OIC에 자사 유통 주식의 2.5%에 해당하는 주식을 구매할 수 있는 워런트를 발행했습니다.
이 자금은 Carbon Revolution이 OEM 고객의 증가하는 수요를 충족하기 위한 노력을 지원할 것입니다. 회사는 용량과 처리량을 대폭 투자하고 있으며, 기록적인 휠 생산 속도를 달성하고 있습니다. 이 뉴스는 Carbon Revolution이 새롭게 공개된 Chevrolet Corvette ZR1에 대한 탄소 섬유 휠을 공급할 것이라는 최근 발표에 따른 것입니다.
Carbon Revolution plc (Nasdaq: CREV), un fabricant leader de roues en fibre de carbone légères et de haute technologie pour automobiles, a annoncé le déblocage anticipé de 5 millions de dollars supplémentaires provenant de l'entité fiduciaire de 35 millions de dollars d'OIC. Cela porte le montant total débloqué à 25 millions de dollars. En échange, la société a émis à OIC un bon de souscription pour acheter des actions équivalentes à 2,5% de ses actions en circulation.
Les fonds soutiendront les efforts de Carbon Revolution pour répondre à la demande croissante de la part des clients OEM. L'entreprise investit massivement dans sa capacité et son débit, atteignant des taux de production de roues record. Cette nouvelle fait suite à l'annonce récente de Carbon Revolution fournissant des roues en fibre de carbone pour la nouvelle Chevrolet Corvette ZR1.
Carbon Revolution plc (Nasdaq: CREV), ein führender Hersteller von leichten hochmodernen Automobilrädern aus Kohlenstofffaser, hat die vorzeitige Freigabe von weiteren 5 Millionen Dollar aus OICs treuhänderischem Betrag von 35 Millionen Dollar angekündigt. Dies erhöht den insgesamt freigegebenen Betrag auf 25 Millionen Dollar. Im Gegenzug gab das Unternehmen OIC eine Option auf den Kauf von Aktien in Höhe von 2,5% seiner ausstehenden Aktien.
Die Mittel sollen die Bemühungen von Carbon Revolution unterstützen, der wachsenden Nachfrage von OEM-Kunden gerecht zu werden. Das Unternehmen investiert stark in Kapazität und Durchsatz und erreicht Rekordproduktionsraten bei Rädern. Diese Nachricht folgt der kürzlichen Ankündigung, dass Carbon Revolution Kohlenstofffaser-Räder für den neu enthüllten Chevrolet Corvette ZR1 liefern wird.
- Secured additional $5 million in funding from OIC, bringing total released to $25 million
- Investing in capacity and throughput to meet growing OEM demand
- Achieving record wheel production rates
- Secured contract to supply carbon fiber wheels for Chevrolet Corvette ZR1
- Issued warrant to OIC for 2.5% of outstanding shares, potentially diluting existing shareholders
Insights
Carbon Revolution's recent
The issuance of warrants to OIC, representing
The timing of this release is particularly noteworthy, coinciding with CREV's announcement of supplying carbon fiber wheels for the Chevrolet Corvette ZR1. This high-profile contract likely played a role in OIC's decision to release additional funds, as it demonstrates CREV's growing market position and ability to secure contracts with major OEMs.
Investors should monitor how effectively CREV utilizes this capital to scale production and meet increasing demand. The company's focus on capacity and throughput improvements suggests a strategic approach to growth, but execution will be key. As CREV ramps up production to record levels, margins and operational efficiency will be critical metrics to watch in upcoming financial reports.
Carbon Revolution's partnership with Chevrolet for the Corvette ZR1 is a game-changer in the automotive lightweight technology sector. This collaboration with an iconic American sports car brand significantly enhances CREV's credibility and market position in the high-performance wheel segment.
The automotive industry is increasingly focusing on weight reduction and performance enhancement, making carbon fiber wheels a highly sought-after component. CREV's ability to secure contracts with major OEMs like Chevrolet indicates that their technology is not just cutting-edge, but also scalable and reliable enough for mass production in premium vehicles.
The company's investment in capacity and throughput is timely, given the growing demand for lightweight components in the automotive sector. As more OEMs shift towards electrification and performance optimization, CREV's carbon fiber wheels could see increased adoption across various vehicle segments, not just in high-end sports cars.
However, investors should be aware of the challenges in scaling up production of advanced composites. Quality control, consistency and cost management will be important as CREV ramps up to meet demand. The success of the Corvette ZR1 program could open doors to more OEM contracts, but it also puts pressure on CREV to deliver flawlessly in terms of product quality and timely supply.
GEELONG, Australia, July 30, 2024 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (the “Company”), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced that OIC has released an incremental US
Proceeds from the OIC investment will continue to fund the Company as it works to satisfy the growing demand from Carbon Revolution’s OEM customers. The Company is making substantial investments in capacity and throughput and has been producing wheels at record rates.
This release follows the Company's recent announcement that it will be supplying the carbon fiber wheels for the just-revealed Chevrolet Corvette ZR1.
About Carbon Revolution plc
Carbon Revolution plc (Nasdaq: CREV) is the parent of Carbon Revolution Pty Ltd, an early-stage growth company which has successfully innovated, commercialized and industrialized the advanced manufacture of carbon fiber wheels for the global automotive industry. The Company has progressed from single prototypes to designing and manufacturing lightweight wheels for cars and SUVs in the high performance, premium and luxury segments, for the world’s most prestigious automotive brands. Carbon Revolution is creating a significant and sustainable advanced technology business that supplies its lightweight wheel technology to automotive manufacturers around the world.
For more information, visit carbonrev.com
Forward Looking Statements
All statements other than statements of historical facts contained in this communication are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the future financial performance, business strategies, financings and expectations for the Company’s business. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Carbon Revolution’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from such assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of Carbon Revolution.
These forward-looking statements are subject to a number of risks and uncertainties, including (i) Carbon Revolution's liquidity, including its ability to pay its obligations and to issue equity, refinance its indebtedness or otherwise obtain financing at all or on acceptable terms, (ii) risks related to our ability to meet financial covenants and other key covenants under existing financing arrangements, (iii) changes in domestic and foreign business, market, financial, political and legal conditions; (iv) the ability to maintain the listing of Carbon Revolution’s securities on the stock exchange; (v) the failure to realize the anticipated benefits of the business combination and related transactions; (vi) risks related to the rollout of Carbon Revolution’s business strategy and the timing of expected business milestones; (vii) the effects of competition on Carbon Revolution’s future business and the ability of the combined company to grow and manage growth, establish and maintain relationships with customers and retain its management and key employees; (viii) risks related to domestic and international political and macroeconomic uncertainty, including the Russia-Ukraine and Israel-Hamas conflicts; (ix) the outcome of any legal proceedings that may be instituted against Carbon Revolution; (x) the impact of pandemic and governmental responses on any of the foregoing risks; (xi) risks related to Carbon Revolution’s industry; (xii) changes in laws and regulations; and (xiii) those factors discussed in the documents Carbon Revolution filed with the SEC, including the Shell Company Report on Form 20-F.
If any of these risks materialize or Carbon Revolution’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Carbon Revolution does not presently know or that Carbon Revolution currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Carbon Revolution’s expectations, plans or forecasts of future events and views as of the date of this communication. Carbon Revolution anticipates that subsequent events and developments will cause Carbon Revolution’s assessments to change. However, while Carbon Revolution may elect to update these forward-looking statements at some point in the future, Carbon Revolution specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Carbon Revolution’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
For further information, please contact:
Investors
Investors@carbonrev.com
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FAQ
How much additional funding did Carbon Revolution (CREV) secure from OIC?
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What recent contract did Carbon Revolution (CREV) secure for its carbon fiber wheels?
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