Australian manufacturer of lightweight wheels Carbon revolutionThe company, once valued at $500 million and listed on the NASDAQ, has entered voluntary administration following a decline in automakers’ electric vehicle (EV) plans.
The company, founded in 2007 by Jake and Matt Dingle in Geelong, Victoria, confirmed the move to investors in a statement posted on its website.
“It’s ironic, but the right thing for us to do now is to reduce the company’s debt. We will take the private route,” said Donnie Hampton, CEO of Carbon Revolution Australian Financial Report.
Despite revenue growth of 87 percent to US$47.3 million (A$68.2 million) in the 12 months to June 2024, the company has since posted losses of over US$146 million (A$210 million).
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According to the Australian Financial ReportCarbon Revolution has appointed Melbourne-based McGrathNicol to carry out the restructuring. This includes securing the future of the Geelong plant, which will continue to operate throughout the process.
“Customers love our product, reducing debt will allow us to move forward,” added Mr Hampton, who manages a workforce of around 350 people in Geelong, although it is seeking greater automation of its processes.
The company says that during the restructuring process it will continue to meet production schedules, make deliveries and develop new products that will have “the capital and market positioning necessary to implement its strategic plan” in the second quarter (April to June).
With investment from the Clean Energy Finance Corporation (CEFC) and the Victorian Government, Carbon Revolution was the first company in the world to produce lightweight, one-piece carbon fiber wheels.
The Geelong-based company has created a success story in local manufacturing as a Tier 1 supplier to car manufacturers such as Ford, Renault, General Motors, Lamborghini and Ferrari, factory-fitting its wheels into high-performance models.
The Ford Mustang Dark Horse comes standard with Carbon Revolution 19-inch carbon fiber wheels, providing a 37 percent weight reduction compared to equivalent alloy wheels.
Lower unsprung mass can lead to improvements in ride and handling, making carbon wheels an attractive option for performance and premium models.
Carbon Revolution wheels are also installed as standard on models such as the Ferrari SF90 XX, the Chevrolet Corvette Z06 and the Range Rover Sport SV.
The weight savings from carbon fiber wheels also benefit electric vehicles by reducing rotational mass and increasing range, with weight being one of the biggest challenges for these vehicles.
However, in an earlier update to investors, the company confirmed that it had lost a number of contracts related to electric vehicle programs as some automakers scaled back their electrification plans. While it was like thatDon’t name brands, companies revamping their electric vehicle product strategies include Ford, Honda and Mercedes-Benz.
Carbon Revolution listed on the Australian Securities Exchange (ASX) in 2019 before delisting in 2023 and moving to the New York-based NASDAQ. It was delisted from NASDAQ in February 2026 after its valuation fell below listing requirements.
In a statement this week, the company said it had entered into a restructuring agreement with “all senior secured lenders who have agreed to the financial restructuring of Carbon Revolution’s business in Australia.”
The announcement coincides with the federal government’s renewed focus on local manufacturing, with Minister for Industry and Innovation Tim Ayres setting out the Albanian government’s “Ambitious Australia” strategy last week.
This follows the Federal Budget 2024-25 Future Made in Australia initiative, which includes a $22.7 billion investment in local manufacturing over the next decade.
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