GEELONG, Australia, April 11, 2024 (GLOBE NEWSWIRE) -- 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 it has reached an agreement with Orion Infrastructure Capital ("OIC") for an early release of US$5 million from the US$35 million in escrow under its previously announced Structured Equity Facility with OIC for up to US$110 million, on the terms and conditions summarised in the Company's filing with the SEC, which can be accessed here. In addition, the Company and OIC are engaging in ongoing negotiations with respect to the terms for the early release of all or a portion of the remaining US$30 million from escrow (there is no assurance that such negotiations will result in the release of any or all of those remaining funds on acceptable terms, if at all). Separately, and as announced on April 9, 2024, the Company achieved record revenue results for the first half of fiscal 2024, including record quarterly revenue of US$14.8 million in 2Q24, up 177% year-over-year. The Company also issued a preliminary estimate for fiscal 3Q 2024 (quarter ended March 31, 2024) revenue of $10 million to $11 million, representing a year-over-year increase of 110% at the mid-point of the range. For further details please find a link to the earnings release here. About Carbon Revolution plcCarbon Revolution plc is the parent of Carbon Revolution Pty Ltd, an early-stage growth company, which has successfully innovated, commercialized and industrialized the advanced manufacture of carbon fiber wheels for the global automotive industry. The Company has progressed from single prototypes to designing and manufacturing lightweight wheels for cars ...