CEFC supports Carbon Revolution’s successful capital raising

Carbon Revolution
Image: Carbon Revolution

The CEFC has congratulated Carbon Revolution on its successful capital raising, which will support the continued growth of the Geelong-based high tech manufacturer.

Carbon Revolution has raised almost $75 million in additional capital in the form of a convertible note as part of a pre-IPO funding round. The company said the capital raising received strong support from key Australian institutional investors.

The CEFC, which invested $10 million in equity in Carbon Revolution in 2016, has now extended its commitment to the company with a further $2 million investment. The CEFC commitment is via the Clean Energy Innovation Fund.

Carbon Revolution produces the world’s only mass produced one-piece carbon fibre car wheel. The unique carbon fibre wheels are typically 40 to 50 per cent lighter than comparable aluminium wheels, reducing vehicle weight and therefore fuel consumption and carbon emissions.

The wheels are produced at Carbon Revolution’s state-of-the-art purpose-built factory located in the Advanced Manufacturing Precinct at the Deakin University campus in Geelong.

Related article: Australian company to manufacture EVs in Adelaide

CEFC Innovation Fund Lead Ben Gust said, “This capital raising is a vote of confidence in Carbon Revolution and its business growth and long-term investment potential. We are delighted to be part of this emerging Australian success story and to see this company driving an exciting new high tech manufacturing industry.

“One of the most exciting features of the clean energy sector is its potential to create new jobs and new industries, using innovative technologies and new thinking to lower our carbon emissions right across our economy, from the cars we drive to the energy we generate.”

Jake Dingle, Carbon Revolution MD/CEO said, “This is surely one of the most exciting businesses in Australia, if not the world.

“We are the clear global leaders with a highly sought after technology, with a team that is capable of fully capitalising on this advantage and building a truly world class industrial manufacturing facility. Our volume and cost trajectory now shows just how huge this opportunity is.”

Related article: Cleantech investors confident in Australian market