Carbon Revolution secures further release of $5 million

Carbon Revolution secures further release of  million

GEELONG, Australia, July 11, 2024 (GLOBE NEWSWIRE) — Carbon Revolution plc (Nasdaq: CREV) (the “Company”), a Tier 1 OEM supplier and leading global manufacturer of lightweight, advanced carbon fiber automotive wheels, today announced that it has satisfied certain conditions to a reserve release and received $5 million of its $35 million Trust Facility Loan, of which $20 million was released as a result of the release. In connection with the release, the Company issued a warrant to OIC to purchase a number of shares equal to 2.5% of the Company’s outstanding shares.

The proceeds from OIC’s investment will continue to fund the company as it works to meet growing demand from Carbon Revolution’s OEM customers. The company is making significant investments in production capacity and throughput and is producing wheels at a record pace.

About Carbon Revolution plc

Carbon Revolution plc (Nasdaq: CREV) is the parent company of Carbon Revolution Pty Ltd, an early growth stage company that has successfully innovated, commercialized and industrialized advanced carbon fiber wheel manufacturing for the global automotive industry. The company has gone from individual prototypes to designing and manufacturing lightweight wheels for cars and SUVs in the high-performance, premium and luxury segments for the world’s most prestigious automotive brands. Carbon Revolution is building a significant and sustainable advanced technology business that delivers its lightweight wheel technology to automotive manufacturers worldwide.

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Forward-looking statements

All statements other than statements of historical fact contained in this communication are forward-looking statements. Forward-looking statements can generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “goal” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future financial performance, business strategies, financing and expectations regarding the Company’s operations. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Carbon Revolution’s management and are not predictions of actual results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as a guarantee, assurance, forecast or definitive statement of fact or probability, and should not be relied upon by any investor as such. Actual events and circumstances are difficult or impossible to predict and may differ from such assumptions, and such differences may be material. Many actual events and circumstances are beyond Carbon Revolution’s control.

These forward-looking statements are subject to a number of risks and uncertainties, including (i) Carbon Revolution’s liquidity, including its ability to repay its obligations and issue equity capital, refinance its indebtedness or obtain financing on acceptable terms, (ii) risks related to our ability to meet financial covenants and other key obligations under existing financing agreements, (iii) changes in domestic and foreign business, market, financial, political and legal conditions; (iv) our ability to maintain the listing of Carbon Revolution’s securities on a stock exchange; (v) the failure to achieve the anticipated benefits of the business combination and related transactions; (vi) risks related to the implementation of Carbon Revolution’s business strategy and the timing of expected business milestones; (vii) the effects of competition on Carbon Revolution’s future business and the ability of the combined company to develop and manage growth, establish and maintain customer relationships and retain management and key employees; (viii) risks related to domestic and international political and macroeconomic uncertainties, including the Russia-Ukraine and Israel-Hamas conflicts; (ix) the outcome of any legal proceedings that may be brought against Carbon Revolution; (x) the impact of the pandemic and governmental responses to any of the foregoing risks; (xi) risks related to Carbon Revolution’s industry; (xii) changes in laws and regulations; and (xiii) factors discussed in Carbon Revolution’s filings with the SEC, including the Shell Company Report on Form 20-F.

If any of these risks materialize or Carbon Revolution’s assumptions prove incorrect, actual results could differ materially from the results implied in these forward-looking statements. There may be additional risks that Carbon Revolution is not currently aware of or that Carbon Revolution currently considers immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Carbon Revolution’s expectations, plans or projections regarding future events and views as of the date of this communication. Carbon Revolution anticipates that subsequent events and developments will cause Carbon Revolution’s ratings to change. However, although Carbon Revolution may elect to update these forward-looking statements at some point in the future, Carbon Revolution expressly disclaims any obligation to do so, except as required by applicable law. You should not rely on these forward-looking statements as representing Carbon Revolution’s ratings as of any date subsequent to the date of this communication. Accordingly, you should not place undue reliance on these forward-looking statements.

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