Yahoo Finance Carbon Revolution to List in US via SPAC Twin Ridge Capital Acquisition Corp.
By Jarrett Banks
Carbon Revolution Ltd (ASX: CBR), which makes lightweight wheels, will list in the U.S. by combining with Twin Ridge Capital Acquisition Corp. (NYSE: TRCA), a special purpose acquisition company, the company said in a statement.
The Australian Tier 1 OEM supplier has more than 60,000 carbon fiber wheels on the road for some of the most prestigious brands in the world, it said.
The company projects revenue will grow from $28.7 million in CY2022E to $90.1 million in CY2024E, representing a compound annual growth rate (CAGR) of 77%.
“Carbon Revolution’s technology provides an effective next-generation solution to the challenges of transitioning the global automotive industry to new mobility,” said Jake Dingle, CEO of Carbon Revolution. “Our partnership with Twin Ridge is a significant milestone and an opportunity for Carbon Revolution to continue to build on our early- mover advantages in next-generation auto technology.”
Carbon Revolution has an estimated pro forma enterprise value of approximately $270 million, it said. The transaction includes up to $60 million from a Committed Equity Facility.
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