Carbon revolution gets funding lifeline

One-piece carbon fibre road wheel manufacturer Carbon Revolution has secured a new US$60 million debt funding programme to continue its development of a mega-line wheel production line and progress its plans to merge with a US entity, special purpose acquisition company Twin Ridge Capital Acquisition Corp (TRCA), being recapitalised and listed in the US in the process.

The company announced it has established the programme arranged by PIUS Limited which would net it US$37 million after transaction costs and repayment of key lenders.

US$9.9 was repaid to key lenders including Export Finance Australia.

The programme is secured by Carbon Revolution’s assets including its Intellectual Property, and will fund the business through to and beyond the proposed merger.

CEO and Managing Director Jake Dingle said: “Working with Pius and our merger partners has enabled us to access a specialised form of non dilutive financing that leverages the strong base of intellectual property that we have developed through extensive research and development, and technology commercialisation over the past 15 years.”

Further reading:
Carbon Revolution progresses merger, US listing
Browse @AuManufacturing’s coverage of Carbon Revolution here.

Picture: Carbon Revolution/The first Chevrolet C8 Corvette Z06 to land in Australia, fitted with Carbon Revolution wheels, at the company’s Waurn Ponds, Victoria factory