Carbon Revolution, of Geelong, Australia is planning to become publicly listed in the USA following a merger agreement with Florida-based investment company Twin Ridge Capital Acquisition.

Founded in 2007, Carbon Revolution has successfully commercialised high-performance, technically advanced lightweight carbon fibre wheels for the global automotive industry and has contracts with Ford, Ferrari, General Motors and Renault.

When new automotive technologies are introduced, penetration typically begins at the luxury or performance end of the market before transitioning to a point of full adoption as a mass market product, the company observes. Carbon Revolution initially penetrated the performance and premium end of the market with cars that include Ford’s GT and Shelby Mustang GT350R and GT500, Ferrari’s 488 Pista, F8 Tributo, SF90 Stradale, 812 Competizione and 296 GTB, Renault’s Megane RS Trophy R, and more recently GM’s Chevrolet Corvette Z06. Ford has recently announced an additional programme with its 2024 Mustang Dark Horse.

As a result, Carbon Revolution is now well-positioned to capture demand in new mobility with the global transition to electric vehicles (EVs). The company’s carbon fibre wheels, which can be up to half the weight of aluminium wheels, are expected to help increase range – a critical barrier to EV uptake. Lighter wheels help offset large battery weight, enabling regulatory compliance with key weight class limits. Carbon Revolution’s wheels also provide better performance and handling than aluminium wheels, as well as reduced noise, vibration and harshness (NVH), while increasing options for aerodynamics, wheel sizing and styling. Four of the most recently secured engineering programmes are for electric vehicles.

The company’s technology is protected by 89 granted or pending patents.

“Carbon Revolution is a sector leader in the production of revolutionary carbon fibre wheels, the next-generation of wheel technology, and has an opportunity to play an important role as the global automotive industry accelerates the shift to electric vehicles,” said Dale Morrison, chairman of Twin Ridge Capital Acquisition. “We believe that following this transaction, it will be well-positioned for rapid growth and adoption as it further enhances its automotive solutions, capitalises on market opportunities and continues to accelerate growth as a US-listed public company.”

The new company will have an estimated post-transaction equity valuation of approximately $461 million.

www.carbonrev.com