Carbon Revolution secures $25M financing agreement

Carbon Revolution has reached an agreement with Orion Infrastructure Capital for the early release of a further $25 million in five tranches, each equal to $5 million, subject to satisfying certain reserve release conditions. In connection with the release of each of the five tranches of $5 million from escrow, the Company will issue to OIC a warrant to purchase a number of shares equal to 2.5% of the Company’s shares outstanding. The incremental $25 million of capital to be funded from OIC is intended to fund the Company as it works to satisfy the growing demand from Carbon Revolution’s OEM customers. The Company is making substantial investments in capacity and throughput and has been producing wheels at record rates.