NEWS
Carbon Revolution Secures $25 Million Financing Agreement with OIC to Fund Growth
Carbon Revolution (Nasdaq: CREV), a leading manufacturer of automotive carbon fiber wheels, has secured a $25 million financing agreement with Orion Infrastructure Capital (OIC). The funding will be released in five $5 million tranches, contingent on meeting certain reserve conditions. Each tranche will involve issuing OIC a warrant to purchase 2.5% of the company's outstanding shares. The funds are aimed at supporting the company's growth to meet increasing demand from OEM customers and enhance production capacity. CEO Jake Dingle highlighted the importance of the capital for addressing the business backlog and expansion.
OIC's Chris Leary expressed confidence in Carbon Revolution's innovative technology and its value to automotive OEMs. The agreement follows Carbon Revolution's recent recognition at the Automotive Pace Awards for innovation and performance.
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