Carbon Revolution Secures Final Release of $5 Million from OIC and Final $0.4 Million Reserve Release from Existing Lenders

Carbon Revolution Secures Final Release of $5 Million from OIC and Final $0.4 Million Reserve Release from Existing Lenders

Benzinga
July 25, 2025

GEELONG, Australia, July 25, 2025 (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 Orion Infrastructure Capital ("OIC") has released US$5 million of the US$25 million facility announced on December 23, 2024. As a result of this release, the full US$25 million facility has now been released. Concurrent with this US$5 million tranche, lenders under the US$60 million PIUS loan entered into in May 2023 ("Existing Noteholders") have also released the final US$400,000 of existing loan reserves, taking reserves released to US$2 million. In connection with this funding tranche, the Company will issue to OIC and Existing Noteholders, penny warrants to purchase an aggregate number of shares equal to 5.0% of the Company's shares outstanding.

Following this combined US$27 million of funding, both OIC and the Existing Noteholders have agreed to partial payment in kind, in lieu of cash, for certain interest payments for a period of approximately six months.

The Company has a number of new programs entering, or expected to enter, production in the near-term, however as a result of a decline in the volume of wheels ordered or projected to be ordered by certain customers, the Company has revised its revenue forecasts downward and slowed its short-term expansion plans. As a result of the decline in revenue forecasts and delays in receipt of certain customer payments, the Company expects that it may need to obtain additional funding within the next quarter. The Company is in discussions with OIC regarding potential additional funding, including access to the remaining funding under the Securities Purchase Agreement for which the amounts and conditions to the receipt thereof remain subject to future negotiation, and is also exploring other potential financing transactions. The Company makes no assurances that it will be able to secure any such funding on satisfactory terms, or at all.

About Carbon Revolution plc

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