Carbon Revolution to get a state government loan

WAURN Ponds advanced manufacturer Carbon Revolution will get a loan of up to $20 million from the state government as the company raises capital to scale up its operations.

Carbon Revolution produces highperformance carbon fibre wheels for customers, including Ford and Ferrari, and has already created more than 200 jobs at its facility at Deakin University’s Waurn Ponds campus.

The loan has been designed to support Carbon Revolution’s operations while it engages in a capital raising process over the coming months, subject to the company meeting a number of strict performance requirements.

The state government says the funding it has agreed to provide is not a grant, as the loan must either be repaid or the state government can convert its investment into equity in Carbon Revolution.

Under the conditions of the loan, the state government will also appoint up to two board members.

“We’re providing the practical, short-term support this Geelong employer needs to grow, succeed and continue to create more highskilled Victorian jobs,” Minister for Jobs, Innovation and Trade Martin Pakula said.

“We continue to support Carbon Revolution – the company has developed worldleading technology and holds important intellectual property that we want to retain as part of Victoria’s high-tech manufacturing future.”

Carbon Revolution has already received considerable support from the state and federal governments as well as the private sector.

In September, the company and the state government announced a joint $100 million expansion to create a new 7,000-square metre factory that will almost triple the existing workforce and increase annual production capacity from 10,000 one-piece carbon fibre wheels to more than 150,000 wheels.

The state government has also called on the federal government to provide additional support to Carbon Revolution.