GEELONG, Australia, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (the “Company”) a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels, announced today that it has been awarded a program by a premium brand of a major German automaker, one of two previously announced OEM wheel programs awarded in recent months.
“We are very excited to expand our reach with this strategically important German OEM,” said Carbon Revolution CEO Jake Dingle. "We believe this is a testament to the strength and value proposition of our technology. We look forward to continuing to grow our customer base with the largest and most sophisticated global OEMs.”
Overall, the Company has been awarded 18 vehicle programs for six global OEMs including Ford Motor Company, General Motors Company, Renault, Ferrari N.V. and Jaguar Land Rover and intends to continue to expand its portfolio of global automaker clients as demand grows for its disruptive efficiency technology.
Carbon Revolution wheels weigh up to 50% less than comparable aluminum wheels, and can provide an up to 5% to 10% increase to EV vehicle range.1 As the Company announced on August 31, it has been awarded five programs since August 2022 taking the total number of programs awarded to 182 with six global OEMs, including Ford Motor Company, General Motors Company, Renault, Ferrari N.V., Jaguar Land Rover and the major German automaker program announced today.
The Company’s backlog has more than doubled since October 2022 to US$730 million3, due primarily to new program awards, with almost 50% of the backlog for EVs.
Carbon Revolution’s wheels significantly reduce unsprung mass, which greatly improves efficiency, while also helping leading global automakers to comply with the Corporate Average Fuel Economy (CAFE) targets set by the National Highway Traffic Safety Administration (NHTSA). These benefits have contributed to the award of the two previously announced OEM programs in recent months.
As the global automotive industry shifts to electric power and other sustainable alternatives to fossil-fuel-based engines. Carbon Revolution is well positioned to capture OEM demand for weight-saving efficiency technologies.
About Carbon Revolution plc
Carbon Revolution plc is the parent of Carbon Revolution Limited, an Australian technology company, which has successfully innovated, commercialized and industrialized the advanced manufacture of carbon fiber wheels for the global automotive industry. The Company has progressed from single prototypes to designing and manufacturing lightweight wheels for cars and SUVs in the high performance, premium and luxury segments, for the world’s most prestigious automotive brands. Carbon Revolution is creating a significant and sustainable advanced technology business that supplies its lightweight wheel technology to automotive manufacturers around the world.
For more information, visit carbonrev.com
1 If associated weight reduction were to be reinvested in battery mass; top end of range assumes further benefits derived from additional aerodynamic, NVH (noise, vibration and harshness), and structural enhancements.
2 Lifetime awards, of which 6 are in production, 7 are in development and 5 are in aftersales.
3 Backlog as of 10/31/2022 and 9/30/2023. Backlog (remaining lifetime gross program projected revenue) is based on awarded programs and excludes programs that are contracted for engineering. Please see Disclaimer, Risk Factors and Projection Methodologies for important details in the Preliminary FY23 Financial Results (Unaudited) here.
