By Daniella Parra
Carbon Revolution, which makes lightweight carbon fiber wheels, said its backlog has more than doubled since Oct 2022 to $680 million, driven by new programs including electric vehicle projects.
The company also expects total revenue to grow from $28.5 million in 2022 to $90.1 million in 2024, for a compound annual growth rate of 78 percent, it said in a statement.
Carbon Revolution secured a $60 million IP-backed loan in May. Recent awards of new programs take the Company’s total lifetime awarded programs with global automakers Ford, Ferrari, General Motors, Renault and Jaguar Land Rover to 16 with another 3 programs in progress under engineering agreements.
“We are firing on all cylinders,” said Carbon Revolution CEO Jake Dingle. “Over the last six months we have made noteworthy progress with new OEM programs awarded, including our first two EV programs, and new funding that allows us to move forward with our global business strategy.”
Carbon Revolution announced in November 2022 that it plans to list in North America through a merger with Twin Ridge Acquisition Corp. (NYSE: TRCA).
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