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Carbon Fibre road wheel manufacturer Carbon Revolution has outlined an ambitious plan to merge with a US fund, list on a US stock exchange and emerge with a warchest to speed its path to commercialisation.
The Geelong company told shareholders that it had signed a non-binding letter of intent to merge with a US special purpose acquisition company (SPAC) which it did not name.
Dubbing the new entity MergeCo, the merger would immediately make available US$50 million in capital from a Committed Equity Fund, as well as cash which would likely be ‘substantially less than US$200 million’.
Few defence ministers have done more for Australian sovereign industry capability than Kim Beazley, writes Peter Roberts.
Most recently Governor of Western Australia, Beazley as Australian ambassador to Washington pried open US markets for Australian manufactured defence equipment, securing new markets for the likes of BAE Systems Australia’s anti-ship missile decoy rocket, Nulka.
Domestically he led the construction of the Collins Class submarine in Australia, paving the way for a self sustaining domestic submarine design and construction sector.
The reason why additive manufacturing group Amaero abandoned plans to build a titanium alloy powders plant in Victoria has been revealed in a statement to the ASX.
The plant will instead be constructed in the United Arab Emirates supported by investment funds made possible by that country’s defence offsets programme.
In September Amaero dumped a long promised Victorian titanium alloy plant, though then it did not give a reason other than to say that it was the outcome of a strategic review, now completed.
The federal government has signed a Facility Services Deed worth more than $100 million with BAE Systems Australia to expand its F-35A fighter aircraft depot maintenance capability at Newcastle Airport.
The deal will expand the facility from two to six maintenance bays, enabling BAE Systems Australia to ramp up to meet the forecast service and maintenance demand for Australia’s F-35A fleet.
Minister for Defence Industry Pat Conroy said an increase in workforce in the Hunter would be needed.
The federal government has announced the establishment of an Office of National Rail Industry Coordination (ONRIC).
According to a statement the office will lead a national and coordinated approach to address challenges facing the rail manufacturing sector.
The office will deliver the government’s $14.2 million National Rail Manufacturing Plan, part of the government’s A Future Made in Australia commitment.
Picture credit: Carbon Revolution