GEELONG, Australia, July 30, 2024 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (the "Company"), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced that OIC has released an incremental US$5 million of the escrowed US$35 million facility early, of which, as a result of this most recent release, $25 million has been released. In connection with the release the Company issued to OIC a warrant to purchase a numb ...

Core Viewpoint - The announcement of the Chevrolet Corvette ZR1, featuring Carbon Revolution's carbon fiber wheels, has generated significant investor interest in Carbon Revolution (CREV) stock due to the vehicle's high-performance specifications and premium pricing [3][6][10]. Pricing and Market Position - The base model Corvette has an MSRP of just under $70,000, while the top-end Z06 model is priced at $111,795. The upcoming ZR1 is expected to be priced between $180,000 to $205,000, positioning it as a high-end performance vehicle [1][5]. Performance Specifications - The ZR1 is anticipated to generate 1,064 horsepower, although Chevrolet has not yet released its 0-60 times. The Z06 model achieves 0-60 mph in just 2.6 seconds and completes a quarter mile in 10.6 seconds, showcasing supercar-level performance [5][8]. Carbon Revolution's Role - Carbon Revolution will supply the carbon fiber wheels for the ZR1, which are designed to be significantly lighter than traditional aluminum wheels, reducing the vehicle's unsprung mass by 42.8 pounds. This weight reduction is expected to enhance performance, appealing to high-end buyers [2][10]. Stock Market Reaction - Following the announcement of the partnership with Chevrolet, Carbon Revolution's stock experienced a dramatic increase, indicating strong market interest and speculation surrounding the performance vehicle [6][7].

Core Viewpoint - Carbon Revolution plc has been selected to supply carbon fiber wheels for the newly unveiled Chevrolet Corvette ZR1, showcasing the company's advanced technology and engineering capabilities in lightweight wheel manufacturing [1][6]. Group 1: Product Development and Innovation - The carbon fiber wheels designed for the Corvette ZR1 are significantly lighter than aluminum options, reducing the vehicle's rotating, unsprung mass by 42.8 lbs (19.4 kg) [7]. - The wheels feature a unique internal fiber architecture and Carbon Revolution's patent-pending Diamond Weave Technology™, which are crucial for meeting General Motors' (GM) stringent requirements for strength, weight, and durability [3][8]. - The design includes a thin, split five-spoke configuration, representing a significant advancement in carbon fiber technology compared to earlier designs [8]. Group 2: Manufacturing and Production - Carbon Revolution has developed the wheel for production at scale on the Company's Mega-line, indicating readiness for mass manufacturing [4]. - The front wheels measure 20 inches in height and 10 inches in width, while the rear wheels are 21 inches tall and 13 inches wide, making the rear wheels the world's widest carbon fiber wheels [9]. Group 3: Industry Recognition - Carbon Revolution received accolades at the 2024 Automotive News Pace Awards, including a PACE Partner Award for its collaboration with GM on the carbon fiber wheel for the C8 Corvette Z06 and E-Ray, highlighting the company's innovation and performance in the automotive supply sector [10]. Group 4: Company Overview - Carbon Revolution plc is a leading manufacturer of lightweight advanced technology wheels, having transitioned from single prototypes to producing wheels for high-performance, premium, and luxury vehicles for prestigious automotive brands globally [11].

automotive carbon fiber wheels, today announced that it will supply the carbon fiber wheels available on the just-revealed Chevrolet Corvette ZR1. Dingle said the wheel's performance in testing highlighted the talent and experience of Carbon Revolution's Product & Manufacturing Engineering teams in meeting GM's weight, durability, strength and aesthetic standards. The front wheels are 20 inches tall and 10 inches wide while the rear wheels are 21 inches tall and 13 inches wide. The rear wheels are the world ...

GEELONG, Australia, July 11, 2024 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (the "Company"), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced that it has satisfied certain reserve release conditions and received US$5 million of the escrowed US$35 million facility, of which, as a result of this most recent release, $20 million has been released. In connection with the release the Company issued to OIC a ...

GEELONG, Australia, July 11, 2024 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (the "Company"), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced that it has satisfied certain reserve release conditions and received US$5 million of the escrowed US$35 million facility, of which, as a result of this most recent release, $20 million has been released. In connection with the release the Company issued to OIC a ...

"We are firm believers in Carbon Revolution's prospects and the transformative impact of their lightweighting technology," said Chris Leary, Investment Partner & Head of Infra Equity at OIC. "As the only company capable of producing carbon fiber wheels at scale, their innovative solutions offer unparalleled value to automotive OEMs as they modernize their product portfolios." Carbon Revolution plc (NASDAQ:CREV) is the parent of Carbon Revolution Pty Ltd, an early-stage growth company which has successfully ...

GEELONG, Australia, June 04, 2024 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (the "Company"), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, is proud to announce the appointment of Alia Comai as Chief Revenue Officer, to lead the Company's sales organization and continue developing global strategic partnerships. Comai brings over 25 years of extensive experience in the automotive sector, where she has held several pi ...

GEELONG, Australia, June 04, 2024 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (the "Company"), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, is proud to announce the appointment of Alia Comai as Chief Revenue Officer, to lead the Company's sales organization and continue developing global strategic partnerships. Comai brings over 25 years of extensive experience in the automotive sector, where she has held several pi ...

GEELONG, Australia, May 24, 2024 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (the "Company"), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced that it has reached an agreement with Orion Infrastructure Capital ("OIC") for the early release of a further US$5 million from the remaining US$30 million in escrow, by way of issuance of secured debt under modifications which have been agreed with existing finan ...