Geelong manufacturer Carbon Revolution has secured a $20 million loan from the Victorian State Government to further grow its business and create new jobs amid increasing demand for its products.
The company, which manufactures high-tech carbon-fibre wheels for global customers including Ford and Ferrari, will use the loan to support its operations while it engages in a capital raising process over the coming months, subject to meeting a number of strict performance requirements.
Minister for Jobs, Innovation and Trade Martin Pakula said the loan will provide the company with the means to capture the maximum value of its world-leading capabilities, developed in partnership with Deakin University, in Victoria.
“We’re providing the practical, short-term support this Geelong employer needs to grow, succeed and continue to create more high-skilled Victorian jobs,” the Minister stated.
“We continue to support Carbon Revolution – the company has developed world-leading technology and holds important intellectual property that we want to retain as part of Victoria’s high-tech manufacturing future.”
Treasurer Tim Pallas said the loan will also see the Government appoint up to two board members – strengthening oversight of the company’s operations.
“We’re giving Carbon Revolution the support they need to succeed and we are confident that more private investors will get behind this innovative manufacturer,” Mr Pallas continued.
“We also call on the Federal Government to continue its support for Carbon Revolution, and the hundreds of high-skilled manufacturing jobs it supports in this region.”