Backing Carbon Revolution and local jobs in Geelong
The Victorian Government will provide a $20 million loan to help Geelong manufacturer Carbon Revolution raise capital to scale up its operations.
Carbon Revolution produces high-tech carbon-fibre wheels for global customers including Ford and Ferrari.
The company is currently scaling up to meet the increasing demand for its products and has already generated more than 200 jobs at its advanced manufacturing facility at Deakin University’s Waurn Ponds campus.
Carbon Revolution has received strong support from the Victorian Government, Federal Government and the private sector. Its investors include Deakin University and the Clean Energy Finance Corporation.
The loan has been designed to support Carbon Revolution’s operations while it engages in a capital raising process over the coming months.
It will provide the support the company needs to capture the maximum value of its world-leading capabilities, developed in partnership with Deakin University, in Victoria.
The loan will also see the Government appoint up to two board members – strengthening oversight of the company’s operations.
The State Government has also written to Federal Minister for Industry, Science and Technology Karen Andrews asking the Commonwealth to provide additional support for the cutting-edge Geelong manufacturer.
The funding provided to the company is must be either repaid by Carbon Revolution, or the Government can convert its investment into equity in the company.