Carbon Revolution secures additional $5 million from OIC to launch key programs

GEELONG, Australia, Sept. 06, 2024 (GLOBE NEWSWIRE) — Carbon Revolution plc (Nasdaq: CREV) (the “Company”), a Tier 1 OEM supplier and global leader in the manufacture of lightweight, advanced carbon fiber wheels for automobiles, today announced that OIC has released an additional $5 million of the $35 million escrowed credit facility, of which $30 million was released as a result of this most recent release. In connection with the release, the Company has issued to OIC a warrant to purchase a number of shares equal to 2.5% of the Company’s outstanding shares.

Proceeds from the OIC investment will continue to fund the company as it works to meet the growing demand from Carbon Revolution’s OEM customers. The company is investing significantly in capacity and throughput and is producing wheels in record quantities.