OIC Funds Incremental Early Release of $5 Million to Carbon Revolution

GEELONG, Australia, April 11, 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 an early release of US$5 million from the US$35 million in escrow under its previously announced Structured Equity Facility with OIC for up to US$110 million, on the terms and conditions summarised in the Company's filing with the SEC, which can be accessed here.

In addition, the Company and OIC are engaging in ongoing negotiations with respect to the terms for the early release of all or a portion of the remaining US$30 million from escrow (there is no assurance that such negotiations will result in the release of any or all of those remaining funds on acceptable terms, if at all).

Separately, and as announced on April 9, 2024, the Company achieved record revenue results for the first half of fiscal 2024, including record quarterly revenue of US$14.8 million in 2Q24, up 177% year-over-year. The Company also issued a preliminary estimate for fiscal 3Q 2024 (quarter ended March 31, 2024) revenue of $10 million to $11 million, representing a year-over-year increase of 110% at the mid-point of the range. For further details please find a link to the earnings release here.

About Carbon Revolution plc
Carbon Revolution plc 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.