Carbon Revolution Secures Further Release of $5 Million from OIC as Company Launches Key Programs

Core Viewpoint - Carbon Revolution plc has successfully released an additional US$5 million from an escrowed facility, bringing the total released to US$30 million, which will support the company's growth in response to increasing demand for its carbon fiber wheels [1][2]. Group 1: Financial Developments - The company has received an incremental US$5 million from a US$35 million escrowed facility, with US$30 million now released [1]. - The proceeds from the OIC investment will be utilized to fund the company's operations as it meets the rising demand from OEM customers [2]. Group 2: Production and Capacity - Carbon Revolution is making significant investments in capacity and throughput, achieving record production rates of its carbon fiber wheels [2]. - The company has recently announced that it will supply carbon fiber wheels for the Chevrolet Corvette ZR1 and Edition 2 Range Rover Sport SV [2]. Group 3: Company Overview - Carbon Revolution plc is a leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, transitioning from prototypes to mass production for high-performance and luxury automotive brands [3]. - The company aims to establish a sustainable advanced technology business by supplying its lightweight wheel technology to automotive manufacturers worldwide [3].