Carbon Revolution Secures Further Release of $5 Million from OIC as Company Launches Key Programs
Carbon Revolution plc (Nasdaq: CREV), a leading manufacturer of lightweight carbon fiber wheels for automobiles, has secured an additional $5 million from OIC as part of a larger $35 million escrowed facility. This brings the total released amount to $30 million. In exchange, the company issued OIC a warrant to purchase 2.5% of its outstanding shares. The funds will support Carbon Revolution's expansion efforts to meet growing demand from OEM customers.
The company is investing heavily in capacity and throughput, achieving record production rates. Recently, Carbon Revolution announced supply agreements for carbon fiber wheels with the Chevrolet Corvette ZR1 and Edition 2 Range Rover Sport SV, highlighting its market position in the high-performance automotive sector.
Carbon Revolution plc (Nasdaq: CREV), un produttore leader di cerchioni in fibra di carbonio leggeri per automobili, ha ottenuto un ulteriore $5 milioni da OIC come parte di una più ampia struttura di $35 milioni in un fondo di garanzia. Questo porta l'importo totale rilasciato a $30 milioni. In cambio, l'azienda ha emesso a OIC un warrant per acquistare il 2.5% delle sue azioni in circolazione. I fondi supporteranno gli sforzi di espansione di Carbon Revolution per soddisfare la crescente domanda da parte dei clienti OEM.
L'azienda sta investendo notevolmente in capacità e produzione, raggiungendo tassi di produzione record. Recentemente, Carbon Revolution ha annunciato accordi di fornitura per cerchioni in fibra di carbonio con la Chevrolet Corvette ZR1 e la Edition 2 Range Rover Sport SV, evidenziando la sua posizione di mercato nel settore automobilistico ad alte prestazioni.
Carbon Revolution plc (Nasdaq: CREV), un fabricante líder de ruedas ligeras de fibra de carbono para automóviles, ha asegurado $5 millones adicionales de OIC como parte de una instalación de $35 millones en custodia. Esto eleva la cantidad total liberada a $30 millones. A cambio, la empresa emitió a OIC un warrant para comprar el 2.5% de sus acciones en circulación. Los fondos apoyarán los esfuerzos de expansión de Carbon Revolution para satisfacer la creciente demanda de clientes OEM.
La empresa está invirtiendo fuertemente en capacidad y producción, logrando tasas de producción récord. Recientemente, Carbon Revolution anunció acuerdos de suministro para ruedas de fibra de carbono con la Chevrolet Corvette ZR1 y la Edition 2 Range Rover Sport SV, destacando su posición en el mercado en el sector automotriz de alto rendimiento.
Carbon Revolution plc (Nasdaq: CREV)는 자동차용 경량 탄소 섬유 휠의 선도 제조업체로서, OIC로부터 추가 $5백만을 확보했습니다. 이는 더 큰 $35백만 에스크로 시설의 일부입니다. 이로써 총 해제 금액은 $30백만이 되었습니다. 대가로 회사는 OIC에 자사 발행주식의 2.5%를 구매할 수 있는 증권을 발행했습니다. 이 자금은 OEM 고객의 증가하는 수요를 충족하기 위한 Carbon Revolution의 확장 노력을 지원할 것입니다.
회사는 생산 능력 및 처리량에 막대한 투자를 하고 있으며, 생산 기록을 세우고 있습니다. 최근 Carbon Revolution은 Chevrolet Corvette ZR1 및 Edition 2 Range Rover Sport SV용 탄소 섬유 휠 공급 계약을 발표하여 고성능 자동차 부문에서의 시장 입지를 강조했습니다.
Carbon Revolution plc (Nasdaq: CREV), un fabricant leader de roues en fibre de carbone légères pour automobiles, a sécurisé 5 millions de dollars supplémentaires d'OIC dans le cadre d'une installation plus large de 35 millions de dollars en séquestre. Cela porte le montant total libéré à 30 millions de dollars. En échange, la société a émis à OIC un bon de souscription pour acheter 2,5% de ses actions en circulation. Les fonds soutiendront les efforts d'expansion de Carbon Revolution pour répondre à la demande croissante des clients OEM.
L'entreprise investit massivement dans la capacité et le débit, atteignant des taux de production record. Récemment, Carbon Revolution a annoncé des contrats de fourniture de roues en fibre de carbone avec la Chevrolet Corvette ZR1 et la Edition 2 Range Rover Sport SV, soulignant sa position sur le marché dans le secteur automobile haute performance.
Carbon Revolution plc (Nasdaq: CREV), ein führender Hersteller von leichten Carbonfaserfelgen für Automobile, hat zusätzlich 5 Millionen Dollar von OIC gesichert, als Teil einer größeren 35 Millionen Dollar Escrow-Einrichtung. Damit erhöht sich der insgesamt freigegebene Betrag auf 30 Millionen Dollar. Im Gegenzug gab das Unternehmen OIC ein Warrant zur Erwerbung von 2,5% seiner ausstehenden Aktien aus. Die Mittel werden die Expansionsbemühungen von Carbon Revolution unterstützen, um der wachsenden Nachfrage von OEM-Kunden gerecht zu werden.
Das Unternehmen investiert stark in die Kapazität und den Durchsatz und erreicht Rekordproduktionsraten. Kürzlich kündigte Carbon Revolution Lieferverträge für Carbonfaserfelgen mit dem Chevrolet Corvette ZR1 und dem Edition 2 Range Rover Sport SV an und hebt damit seine Marktstellung im Hochleistungsautomobilsektor hervor.
- Secured additional $5 million funding from OIC, bringing total released to $30 million out of $35 million facility
- Achieving record production rates to meet growing OEM demand
- Announced supply agreements for Chevrolet Corvette ZR1 and Edition 2 Range Rover Sport SV
- Issued warrant to OIC for 2.5% of outstanding shares, potentially diluting existing shareholders
Insights
The $5 million release from OIC is a positive development for Carbon Revolution, providing important funding for their expansion efforts. This brings the total released to
Carbon Revolution's recent contract wins with Chevrolet Corvette ZR1 and Range Rover Sport SV are significant milestones. These high-performance vehicles typically have low production volumes but high margins, potentially boosting the company's profitability. The automotive industry's shift towards lightweight materials for improved fuel efficiency and performance bodes well for Carbon Revolution's future prospects. However, the company faces challenges in scaling production to meet growing demand while maintaining quality. The success of these programs could lead to wider adoption of carbon fiber wheels in the automotive industry, presenting both opportunities and competitive threats for Carbon Revolution.
Carbon Revolution's focus on substantial investments in capacity and throughput is important for meeting growing demand. Achieving record production rates indicates improved manufacturing efficiency, which is essential for profitability in the capital-intensive automotive supply industry. The challenge lies in maintaining quality while scaling up production. The company's ability to secure contracts for high-performance vehicles suggests confidence in their manufacturing capabilities. However, investors should watch for potential growing pains, such as increased defect rates or delays, which could impact relationships with OEMs. The success of their manufacturing expansion will be a key determinant of Carbon Revolution's long-term viability and market position.
GEELONG, Australia, Sept. 06, 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 announcements that it will be supplying the carbon fiber wheels for the just-revealed Chevrolet Corvette ZR1 and Edition 2 Range Rover Sport SV.
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?
What new vehicle models will Carbon Revolution (CREV) supply carbon fiber wheels for?
How is Carbon Revolution (CREV) addressing increased demand from OEM customers?
What did Carbon Revolution (CREV) issue to OIC in connection with the funding release?
