GEELONG, Australia, May 24, 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 the early release of a further US$5 million from the remaining US$30 million in escrow, by way of issuance of secured debt under modifications which have been agreed with existing financiers. After giving effect to the net proceeds of the US$5M release, the Company has approximately US$6.1M of unrestricted cash1 and US$4.9M in restricted Trust fund related to the PIUS agreement on the balance sheet. The US$5M release and the remaining escrow fall under the previously announced Structured Equity Facility with OIC for up to US$110 million, as amended to accommodate issuance of debt, on the terms and conditions summarized 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$25 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). 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 ...