Following the announcement of a significant supply contract, shares of Carbon Revolution Public Limited Company (NASDAQ: CREV) experienced a notable increase today. As per the latest data, CREV’s stock price has risen by 11.44%, reaching $8.67.
CREV Announced New Supply Contract
This week, Carbon Revolution (CREV) revealed that it will be supplying its innovative carbon fiber wheels for the newly introduced Range Rover Sport SV Edition Two. This move comes after the overwhelming success and popularity of these wheels on the Edition One model. The 23-inch carbon fiber wheels, renowned for their lightweight properties, promise to enhance the vehicle’s handling, acceleration, and overall ride quality by significantly reducing unsprung, rotating mass.
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The introduction of these single-piece 23-inch carbon fiber wheels contributes to a weight reduction of approximately 167.6 pounds. According to Jaguar Land Rover (JLR), this reduction enables the Range Rover Sport SV to accelerate from 0 to 60 mph in just 3.6 seconds. The exceptional demand for these wheels was evident last year when they were first launched on the Edition One, leading to unprecedented interest.
Technological Advancements
Carbon Revolution’s carbon fiber wheels are manufactured using the Company’s Mega-line and are available in both Satin and Gloss finishes, incorporating the patent-pending Diamond Weave Technology. This technological advancement underscores the company’s commitment to innovation and quality.
Financial Developments
In addition to this supply contract, Carbon Revolution recently achieved recognition at the 2024 Automotive News Pace Awards, which honor excellence in automotive innovation and performance. Furthermore, the company disclosed that OIC has accelerated the release of $5 million from its $35 million escrow facility, resulting in a total of $25 million now available.
In conjunction with this release, Carbon Revolution issued a warrant to OIC for the purchase of shares equivalent to 2.5% of the company’s outstanding shares. These funds are set to support CREV’s ongoing expansion and production efforts, meeting the growing demand from its OEM clients and facilitating continued growth and innovation.
