Carbon Revolution plc Awarded Program by Premium Brand of Major German Automaker
04 12월 2023 - 8:30PM
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.
For further information, please contact:
Investors
Investors@carbonrev.com
Media
Media@carbonrev.com
Carbon Revolution Public (NASDAQ:CREV)
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Carbon Revolution Public (NASDAQ:CREV)
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