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Apex Trader Funding (ATF) - News

Carbon Revolution Secures $25 Million Financing Agreement with OIC to Fund Growth

GEELONG, Australia, June 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$25 million in five tranches, each equal to US$5 million, subject to satisfying certain reserve release conditions. In connection with the release of each of the five tranches of US$5 million from escrow, the Company will issue to OIC a warrant to purchase a number of shares equal to 2.5% of the Company's shares outstanding. The incremental $25 million of capital to be funded from OIC is intended 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. "We are fortunate to have such strong and supportive financial partners like OIC, that understand our business and support our growth," said Jake Dingle, CEO of Carbon Revolution. "This capital will be instrumental in helping us meet the substantial backlog of awarded business and continue our expansion efforts." "We are firm believers in Carbon Revolution's prospects and the transformative impact of their lightweighting technology," said Chris Leary, Investment Partner & Head of Infra Equity at OIC. "As the only company capable of producing carbon fiber wheels at scale, their innovative solutions offer unparalleled value to automotive OEMs as they modernize their product portfolios." The financing follows Carbon Revolution's recent wins at the prestigious Automotive Pace Awards, which recognize automotive suppliers for superior innovation, technological advancement, and business performance. The terms and conditions of the financing are summarized in the Company's filing with the SEC, which can be accessed