Join our daily newsletter At The Bell to receive exclusive market insights
- Carbon Revolution (CBR) secures $12 million for its mega-line wheel manufacturing project under the Australian Government’s modern manufacturing initiative (MMI)
- The carbon fibre road wheel manufacturer was awarded the grant in round two of the MMI Manufacturing integration stream in recycling and clean energy
- It comes as the company works to increase capacity at its factory in Geelong by 75,000 wheels to 155,000 wheels per year
- The company says the grant will contribute to the remaining scope of the phase one mega-line project which will strengthen its capacity to supply the growing EV market
- Shares are trading 22.2 per cent higher at 55 cents
Carbon Revolution (CBR) has secured $12 million for its mega-line wheel manufacturing project under the Australian Government’s modern manufacturing initiative (MMI).
The carbon fibre road wheel manufacturer was awarded the grant in round two of the MMI Manufacturing integration stream in recycling and clean energy.
It comes as the company works to increase capacity at its factory in Geelong by 75,000 wheels to 155,000 wheels per year.
Carbon said the grant will contribute to the remaining scope of its phase one mega-line project.
In turn, the company said this strengthens its capacity to supply the growing electric vehicle market.
“Carbon Revolution is very excited to have secured this grant that further strengthens our drive in to the global EV supply chain,” Chief Executive Jake Dingle said.
“We are proud to be generating opportunities for our skilled workforce in Geelong and working with local partners on delivering our Mega-line.”
Shares were up 22.2 per cent and trading at 55 cents at 2:04 pm AEST.
