$100m listing, new contract for carbon wheel firm

GEELONG’S pioneering carbon fibre wheel manufacturer, Carbon Revolution, plans a $100 million initial public offer to fund an ambitious expansion strategy.
The Waurn Ponds-based company has also signed a contract with a major North American manufacturer of aircraft landing gear, according to reports in the financial media.
The agreement, for light weight carbon fibre wheels in the aerospace industry, follows Carbon Revolution’s deal to supply wheels for Ford’s new Shelby Mustang GT350R sports car.
Carbon Revolution hopes the $100 million IPO in late 2017 or early 2018 would enable the company to list on the share market with a value of around $300 million.
The funds would be used to ramp up production at its $24 million plant at Deakin University’s Waurn Ponds campus, making up to 50,000 wheels a year by 2017 and 250,000 a year by 2020.
Carbon Revolution chief Jake Dingle told the Independent in July he hoped the Ford contract would be a forerunner to further deals for high-performance vehicles.
Carbon Revolution plans to use the IPO funds to build manufacturing plants in North America, Europe and Asia to service the major car makers.
The company already sells wheels into vehicle aftermarkets for marques including Porsche, Lamborghini, McLaren, BMW and Audi.
Mr Dingle said the deals could double the company’s employment to 300, with Carbon Revolution already employing ex-Ford and Alcoa staff.
Carbon fibre wheels offer significant weight savings for the aerospace, defence and trucking industries, where it translates into fuel savings.