Carbon Revolution Announces $5M Release Of $25M Facility By Orion; Total $10M Released. $400K Of $60M PIUS Loan Reserves Also Released, Totaling $800K; Funding Supports Liquidity And OEM Demand

Carbon Revolution plc (NASDAQ:CREV) (the "Company"), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced that Orion Infrastructure Capital ("OIC") has released an incremental US$5 million of the US$25 million facility announced on December 23, 2024. As a result of this most recent release, $10 million of this US$25 million facility has now been released. Concurrent with this US$5 million tranche, lenders under the US$60 million PIUS loan entered into in May 2023 ("Existing Noteholders") have also released a further US$400,000 of existing loan reserves, taking reserves released to US$800,000 of the up to US$2 million agreed to be released. In connection with this funding tranche, the Company will issue to OIC and Existing Noteholders, penny warrants to purchase an aggregate number of shares equal to 5.0% of the Company's shares outstanding.

Following this combined US$27 million of additional funding, both OIC and the Existing Noteholders may also agree to partial payment in kind, in lieu of cash, for certain interest payments. The incremental $25 million of capital, US$2 million reserve release and changes to interest terms, are intended to support the ongoing liquidity of the business and fund the Company as it works to satisfy the demand from Carbon Revolution's OEM customers. The Company is making substantial investments in capacity and throughput and has a number of new programs entering, or expected to enter, production in the near-term. The Company makes no assurances that it will be able to satisfy the conditions to the receipt of the remaining US$15 million of the US$25 million facility.