Carbon Revolution Secures Further Release of $5 Million from OIC as Company Launches Key Programs

GEELONG, Australia, Sept. 06, 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 OIC has released an incremental US$5 million of the escrowed US$35 million facility, of which, as a result of this most recent release, $30 million has been released. In connection with the release the Company issued to OIC a warrant to purchase a number of shares equal to 2.5% of the Company’s shares outstanding.

Proceeds from the OIC investment will continue to fund the Company as it works to satisfy the growing demand from Carbon Revolution’s OEM customers. The Company is making substantial investments in capacity and throughput and has been producing wheels at record rates.

This release follows the Company's recent announcements that it will be supplying the carbon fiber wheels for the just-revealed Chevrolet Corvette ZR1 and Edition 2 Range Rover Sport SV.

About Carbon Revolution plc

Carbon Revolution plc (Nasdaq: CREV) 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

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