UPDATE - Corvette E-Ray with Carbon Revolution Wheels Wins The Drive’s Best Performance Car of 2023 Award

Award Recognizes One of Carbon Revolution’s Most Successful Vehicle Platforms

GEELONG, Australia, March 19, 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, is pleased to announce that the 2024 Chevrolet Corvette E-Ray, optionally equipped with Carbon Revolution’s lightweight carbon fiber wheels, won The Drive’s Best Performance Car of 2023.

The 2024 E-Ray marks the first time a General Motors hybrid electric product has used Carbon Revolution’s class-leading carbon fiber wheels.

“The General Motors Corvette Z06 has been one of Carbon Revolution’s most successful high-volume programs. We expect that, given the recent performance awards for the E-Ray, this program will continue the trend of success,” said Jake Dingle, CEO of Carbon Revolution.

Carbon Revolution has been awarded 181 programs with six global OEMs, including Ford, Ferrari, General Motors, Jaguar Land Rover, Renault, and a major German automaker program announced in December, as demand grows among global automakers for its disruptive weight-reduction and efficiency technology.

“E-Ray brings technology and pace once reserved for seven-figure hypercars down to the relative masses,” wrote Peter Holderith of The Drive, who praised the trickle-down of technology into North America’s most popular sports car. 

The E-Ray’s optional five-spoke carbon fiber wheels, made by Carbon Revolution, cut 41 pounds from the Corvette’s unsprung, rotational curb weight compared with the forged aluminum option.

“Wearing its summer tires on optional carbon-fiber wheels, the E-Ray enjoys high limits. Its stable handling, ample grip, and faultless brakes make it easy to channel your inner Max Verstappen,” wrote Car & Driver’s Rich Ceppos after testing the E-Ray on Pikes Peak International Circuit.

In testing, General Motors engineers found Carbon Revolution’s carbon fiber wheels reduced the Corvette’s lap time by 1.5 seconds over a 2-minute lap compared with the standard aluminum wheels, all other factors being the same.

The E-Ray’s carbon fiber wheels – the widest Carbon Revolution has produced to date – are also available on the 2024 Corvette Z06.

Driving on track, journalists immediately noticed superior control, improved braking performance, and a sharper turn-in, thanks to reduced unsprung rotational mass.

MotorTrend writer Scott Evans said the improved steering and braking feel was noticeable when swapping to a Z06 with the lighter carbon fiber wheel option: “If the base Z06 feels like it’ll stop right now, the Z07 feels like it already stopped yesterday … The steering response is immediate and pinpoint precise.”

Carbon Revolution wheels weigh up to 40% to 50% less than comparable aluminum wheels and can provide an increase to EV vehicle range of up to 5%-10%.2 Carbon Revolution’s wheels significantly reduce unsprung mass, which greatly improves efficiency while also helping leading global automakers comply with the Corporate Average Fuel Economy (CAFE) targets set by the National Highway Traffic Safety Administration (NHTSA).

As the global automotive industry shifts to electric power and other sustainable alternatives to fossil-fuel-based engines, Carbon Revolution is well positioned to capture OEM demand for weight-saving efficiency technologies.

About Carbon Revolution plc

Carbon Revolution plc (Nasdaq: CREV) is the parent of Carbon Revolution Limited, an Australian technology 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 and SUVs in the high performance, premium and luxury segments, for the world’s most prestigious automotive brands. Carbon Revolution is creating a significant and sustainable advanced technology business that supplies its lightweight wheel technology to automotive manufacturers around the world.

For more information, visit carbonrev.com

Forward Looking Statements

All statements other than statements of historical facts contained in this communication are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the future financial performance, business strategies, financings and expectations for the Company’s business. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Carbon Revolution’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from such assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of Carbon Revolution.

These forward-looking statements are subject to a number of risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) Carbon Revolution’s ability to obtain financing, equity, debt, or convertible debt financings to fund our operations on favorable terms or at all , (iii) the ability to maintain the listing of Carbon Revolution’s securities on the stock exchange; (iv) the failure to realize the anticipated benefits of the business combination and related transactions; (v) risks relating to the uncertainty of the costs related to the business combination; (vi) risks related to the rollout of Carbon Revolution’s business strategy and the timing of expected business milestones; (vii) the effects of competition on Carbon Revolution’s future business and the ability of the combined company to grow and manage growth, establish and maintain relationships with customers and healthcare professionals and retain its management and key employees; (viii) risks related to our ability to meet financial covenants and other key covenants under existing financing arrangements, (ix) risks related to domestic and international political and macroeconomic uncertainty, including the Russia-Ukraine and Israel-Hamas conflicts; (x) the outcome of any legal proceedings that may be instituted against Carbon Revolution; (xi) the impact of the global COVID-19 pandemic and governmental responses on any of the foregoing risks; (xii) risks related to Carbon Revolution’s industry; (xiii) changes in laws and regulations; and (xiv) those factors discussed in the documents Carbon Revolution filed with the SEC, including the Shell Company Report on Form 20-F.

If any of these risks materialize or Carbon Revolution’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Carbon Revolution does not presently know or that Carbon Revolution currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Carbon Revolution’s expectations, plans or forecasts of future events and views as of the date of this communication. Carbon Revolution anticipates that subsequent events and developments will cause Carbon Revolution’s assessments to change. However, while Carbon Revolution may elect to update these forward-looking statements at some point in the future, Carbon Revolution specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Carbon Revolution’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

1 Lifetime awards, of which six are in production, seven are in development and five are in aftersales.
2 If associated weight reduction were to be reinvested in battery mass; top end of range assumes further benefits derived from additional aerodynamic, NVH (noise, vibration and harshness), and structural enhancements.


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