Australian lightweight wheel maker Carbon Revolution, once valued at $500 million and listed on the NASDAQ, has entered voluntary administration after a downturn in automakers’ electric vehicle (EV) plans.
Formed in 2007 by Jake and Matt Dingle in Geelong, Victoria, the company confirmed the move to investors in a statement published on its website.
“It’s ironic, but it’s the right thing for us to do now, for us to de-leverage the business. We’re going to go down the private path,” Carbon Revolution chief executive Donnie Hampton told the Australian Financial Review.
Despite revenue growth of 87 per cent to US$47.3 million (A$68.2 million) over the 12 months to June 2024, the company has since recorded losses exceeding US$146…