Carbon Revolution Secures New $25 Million Financing Agreement with OIC and Existing Lenders
Summary
GEELONG, Australia, Dec. 23, 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 it has reached an agreement with Orion Infrastructure Capital ("OIC") for a further US$25 million financing, which will be released in five tranches, each equal to US$5 million, subject to satisfying certain release conditions. "This capital supports the ongoing liquidity of the business and underpins the continued delivery of our production capacity increase and the near-term launch of a number of new OEM programs. ""We are firm believers in Carbon Revolution and the transformative impact of their lightweighting value proposition," said Chris Leary, Investment Partner & Head of Infra Equity at OIC. 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 worlds most prestigious automotive brands. These forward-looking statements include, but are not limited to, statements regarding the expectation of continued listing of Carbon Revolutions ordinary shares and warrants on Nasdaq, the Companys ability to file its Annual Report and promptly regain compliance with Nasdaq Listing Rule 5250(c)(1), the future financial performance, business strategies, financings and expectations for the Companys business.