Global tech company Carbon Revolution (ASX: CBR) has kicked a big goal by becoming the supplier of carbon fiber wheels for the highly anticipated 2024 Range Rover Sport SV, unveiled by Jaguar Land Rover (JLR).
This marks Carbon Revolution’s foray into the SUV carbon fiber wheel market, representing an expansion of the Company’s lightweight wheel technology into the strategically important SUV segment.
During the vehicle’s unveiling, JLR commented, “[The] New Range Rover Sport SV can be specified with world-first ultra-lightweight 23-inch Carbon Fibre Wheels. These innovative one-piece wheels save an average of 9kg per corner – a total of 35.6kg, or 41 per cent – compared with conventional 23-inch cast-alloy wheels, resulting in improvements to outright performance, handling and ride quality.”
Importantly, despite their lightness, these wheels undergo rigorous testing and adhere to the same durability and robustness standards as Range Rover’s cast or forged alloy wheels.
CEO of Carbon Revolution, Jake Dingle, added, “We are thrilled to collaborate with JLR on our latest wheel launch, our very first SUV wheel. It is an honor to see Carbon Revolution’s wheel technology featured on such an iconic global nameplate like the Range Rover.”
Production of the 23-inch carbon fiber wheels commenced on the Mega-line earlier this year, signifying a significant step forward for Carbon Revolution and its manufacturing capabilities.
Despite this positive development, the Company’s shareholders are not entirely pleased, feeling let down by the lack of additional Mega-line projects as promised in previous years.
Last year, Carbon Revolution announced its merger with Twin Ridge Capital Acquisition Corp., with the first amendment of the Registration Statement on Form F-4 filed with the U.S. Securities and Exchange Commission (SEC). The Company anticipates the completion of the merger in July 2023.
In Q3 FY23, Carbon Revolution experienced a 9.7% reduction in quarterly revenue compared to the same period in the previous year. Year-to-date, revenue decreased by 1.6% for the first nine months of FY23 compared to the prior corresponding period. As of March 31, 2023, the Company had a cash balance of $4.0 million. The net cash outflow of $10.0 million for the quarter resulted from various factors, including cash outflows from operating activities, net investing cash outflow to support mega-line milestones and program development, and net cash inflow from financing activities primarily related to liquidity improvement initiatives and short-term convertible funding.
Recognising its financial challenges and funding difficulties, Carbon Revolution is strategically planning to move to the United States in pursuit of greater access to funding opportunities. This move demonstrates the company’s determination to overcome financial obstacles and secure its position as a leader in the carbon fiber wheel industry.
With the upcoming merger, expansion into SUVs and planned move to the United States, Carbon Revolution aims to capitalise on new opportunities and secure the resources necessary for its long-term success in the automotive industry.
Alinda is a Business Reporter for The Sentiment
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