Carbon Revolution progresses merger, US listing

One-piece carbon fibre road wheel manufacturer Carbon Revolution is progressing 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.

Carbon Revolution has said that the combined entity of the company and TRCA would be acquired by an Irish entity Poppetell, since renamed Carbon Revolution Limited and listed on the NASDAQ or New York stock exchange.

The transaction will unlock investment capital to fund strategic growth opportunities, accelerating its path to profitability.

The Geelong, Victoria manufacturer told investors that a re-audit of financial results which is required for US listing was part completed.

It also said one new wheel manufacturing programme – for the Chevrolet Corvette Z06 model – had commenced in January and that its commissioning of its mega-line automated manufacturing line was on track, with two new moulding stations now being commissioned.

Carbon Revolution said following the audit it was reviewing a number of bridge financing options of up to $30 million, however subject to a number of liquidity improvement initiatives it now estimated it would need to raise $17.5 million prior to the completion of the transaction.

Carbon Revolution expects to complete the transaction by 30 June, 2023.

The company said its latest quarter revenue was $7.6 million, a fall of 33 percent on the previous corresponding period and in line with previous expectations.

The company sold 2,442 wheels in the quarter at an average price of $3,121.

Final sales were made of wheels for the Ford GT programme, with Ford’s next wheel supply programme for the 2024 Mustang Dark Horse expected to begin in mid-2023.

“Sales to Ferrari continue to be strong in Q2 across all three Ferrari programmes.”

Further reading:

Picture: Carbon Revolution

Share this Story

Stay Informed

Go to Top