Carbon Revolution Receives Initial Funding of $70 million from the OIC Structured Equity Facility

Funding to be Used to Continue Expanding Company’s Global Footprint

GEELON, Australia, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (“Carbon Revolution” or the “Company”) a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels, today announced that it has received an initial investment of US$70 million from a Structured Equity Facility of up to US$110 million from fund vehicles associated with Orion Infrastructure Capital (“OIC”), a leading infrastructure investment firm. Of the initial investment of US$70 million, US$35 million is immediately available to the Company and the remaining US$35 million was funded into an escrow account, subject to release upon satisfaction of certain milestones as described below.

Carbon Revolution announced in September that it had entered into the Structured Equity Facility with OIC. The announcement of the receipt of the US$70 million of funding described above follows the closing of the business combination and commencement of listing on Nasdaq described below.

Closing of Business Combination and Nasdaq Listing

Carbon Revolution plc’s stock began trading on November 3^rd 2023 on Nasdaq following the closing of the business combination.

Carbon Revolution effectuated a 10-to-1 share consolidation (NYSE: TRCA to Nasdaq: CREV) through the exchange ratio at closing of the business combination. The result of the 10-to-1 TRCA share consolidation on closing is that a CREV price of $100.00 is reflective of a TRCA price of $10.00 per share, consequently a CREV price of $78.70 per share is reflective of the closing price of $7.87 per share of TRCA on the day prior to closing.

Sources of Capital Following the Funding of the Structured Equity Facility

Total capital available to the Company in connection with the closed business combination is US$95 million, which includes the US$35 million of initial gross proceeds from OIC’s investment and a US$60 million Committed Equity Facility from Yorkville Advisors (as previously disclosed and subject to satisfaction of certain conditions set forth therein). The remaining US$35 million of OIC’s initial investment has been funded into an escrow account with release milestones expected to be achieved through calendar year 2024. An additional US$40 million is available under OIC’s $110 million Structured Equity Facility subject to the Company’s achievement of future growth milestones and to OIC investment committee approval.