Carbon Revolution plc Begins Trading Today on Nasdaq Under the Symbol “CREV” - Seite 2

Capital available to the Company in connection with business combination is US$95 million, including US$35 million of the up to US$110 million Structured Equity Facility with two fund vehicles associated with OIC (OIC Structured Equity Fund I Range, LLC and OIC Structured Equity Fund I GPFA Range, LLC) and a US$60 million Committed Equity Facility, subject to satisfaction of certain conditions set forth therein. Release of the remaining US$75 million under the Structured Equity Facility is subject to the Company’s achievement of future growth milestones¹.

“Today is a big day for Carbon Revolution as it begins to trade in the U.S. market,” said Bill Toler, Chairman of Twin Ridge. “We are thrilled to support the Company’s long-term vision as it experiences strong growth in global demand for its carbon fiber wheels. We are confident in the Company’s focus on further expanding its footprint in the rapidly growing market for EVs.”

Carbon Revolution wheels weigh up to 50% less than comparable aluminum wheels, and can provide an up to 5% to 10% increase to EV vehicle range.² As the Company announced on August 31, it has been awarded a further 5 programs since August 2022 – including the first 2 for electric vehicles (EVs) – taking the total number of programs awarded to 18³ with six global OEMs, including Ford Motor Company, General Motors Company, Renault, Ferrari N.V. and Jaguar Land Rover.

The Company’s backlog has more than doubled since October 2022 to US$730 million⁴, due primarily to new program awards, with almost 50% of backlog for EVs. Phase 1 of the Company’s first industrialized production line, known as the Mega-line, at its Australian production facility was commissioned this year and is progressing well with customer wheels in production and additional capacity expected to be added through to 2025. This is the first of what are expected to be multiple Mega-lines, including in strategically placed and lower cost offshore locations to enable lower costs and pricing in the coming years.

Carbon Revolution’s wheels significantly reduce unsprung mass, which greatly improves efficiency, while also helping leading global automakers to comply with the Corporate Average Fuel Economy (CAFE) targets set by the National Highway Traffic Safety Administration (NHTSA). These benefits have contributed to the award of 2 OEM EV wheel programs in recent months.