Twin Ridge Capital Acquisition Corp. - TRCA STOCK NEWS

Carbon Revolution secures a structured equity facility of up to $110 million with Orion Infrastructure Capital, bringing expected capital available for the proposed business combination with Twin Ridge to $230 million. The facility will provide significant new funding for the company's growth strategy. Last week, the company announced board appointments of four U.S.-based senior automotive executives. Carbon Revolution is experiencing strong growth in demand for its carbon fiber wheels, with a backlog of $680 million, primarily for EVs. The company's wheels can provide up to a 10% increase in EV vehicle range and help automakers comply with fuel economy targets. The financing was secured in connection with the business combination with Twin Ridge, which is expected to result in the company becoming publicly listed in the U.S. via Nasdaq.

Twin Ridge Capital Acquisition Corp. plans to adjourn its extraordinary general meeting to October 3, 2023. Shareholders have until September 29, 2023, to redeem their Class A ordinary shares.

Carbon Revolution's Registration Statement declared effective by SEC, allowing Twin Ridge to schedule a shareholder meeting to approve the Business Combination. Final proxy statement/prospectus filed and redemption requests accepted until Twin Ridge Shareholder Meeting on September 26, 2023.

Carbon Revolution, a Tier 1 OEM supplier and leading manufacturer of lightweight carbon fiber wheels, has announced its first SUV wheel program launch for the 2024 Range Rover Sport SV. The company's 23-inch carbon fiber wheels, which are 41% lighter than conventional cast-alloy wheels, will be featured on the vehicle. This marks Carbon Revolution's expansion into the strategically important SUV segment.

The ultra-lightweight wheels save an average of 19.8lbs per wheel, totaling 78.5lbs for the set, while meeting rigorous durability and robustness standards. Production of these wheels commenced on the company's Mega-line earlier this year. Carbon Revolution is also focusing on the electric vehicle (EV) market, where their wheels can potentially increase vehicle range by 5%-10% if the weight reduction is reinvested in battery mass.

Additionally, Carbon Revolution has entered into a business combination agreement with Twin Ridge Capital Acquisition Corp., which is expected to result in the company becoming publicly listed on the Nasdaq in the United States.

Carbon Revolution Limited (ASX: CBR) and Twin Ridge Capital Acquisition Corp. (NYSE: TRCA) have announced the posting of a replay of their recent fireside chat, detailing the company’s technology, growth strategies, and upcoming business combination. This transaction is expected to result in Carbon Revolution being publicly listed in the U.S., following approval from shareholders of both companies. Set for completion in the first half of 2023, the deal is part of a broader strategy to enhance Carbon Revolution’s market presence globally. The companies anticipate significant benefits from this merger.

Carbon Revolution announced the launch of its carbon fiber wheels on the 2024 Chevrolet Corvette E-Ray, marking the second C8 model to feature this lightweight technology. The E-Ray is notable for being the first hybrid all-wheel-drive Corvette. Carbon Revolution's wheels are designed to enhance performance and efficiency by reducing unsprung mass. The company recently entered a business combination agreement with Twin Ridge Capital Acquisition Corp (NYSE: TRCA) to list publicly in the U.S., which is expected to complete in the first half of 2023, contingent upon shareholder approvals.