Carbon Revolution secures further release of $5M from OIC

Carbon Revolution (CREV) announced that OIC has released an incremental $5M of the escrowed $35M facility, of which, as a result of this most recent release, all $35M has now been released. In connection with the release the company issued to OIC a warrant to purchase a number of shares equal to 2.5% of the company’s shares outstanding. Proceeds from the OIC investment will be used to fund operations and investments in capacity in the near term.