Carbon Revolution to go public in U.S. via merger with Twin Ridge-backed SPAC, to delist from ASX

When the deal closes, Carbon Revolution’s shares will stop trading on the Australian Securities Exchange.

  • The transaction is expected to close in the first half of 2023
  • The combined company will have an estimated post-transaction equity valuation of approximately $461 million
  • Carbon Revolution was founded in 2007

Carbon Revolution, an Australian maker of technology carbon fiber wheels, has agreed to go public in the U.S. via a merger with Twin Ridge Capital Acquisition Corp, a blank check company backed by Twin Ridge Capital.

When the deal closes, Carbon Revolution’s shares will stop trading on the Australian Securities Exchange.

The combined company will have an estimated post-transaction equity valuation of approximately $461 million.

Carbon Revolution was founded in 2007.

“Carbon Revolution is a sector leader in the production of revolutionary carbon fiber wheels, the next-generation of wheel technology, and has an opportunity to play an important role as the global automotive industry accelerates the shift to electric vehicles,” said Dale Morrison, chairman of Twin Ridge Capital Acquisition Corp in a statement. “We believe that following this transaction, Carbon Revolution will be well-positioned for rapid growth and adoption as it further enhances its automotive solutions, capitalizes on market opportunities and continues to accelerate growth as a U.S.-listed public company.”

The transaction is expected to be completed in the first half of 2023.

E&P Corporate Advisory is acting as advisor to the Carbon Revolution board. Herbert Smith Freehills and Goodwin Procter LLP are serving as Australian and U.S. legal counsel, respectively, to Carbon Revolution. Ashurst and Kirkland & Ellis LLP are serving as Australian and U.S. legal counsel to the SPAC, respectively.