The Australian lightweight wheel maker Carbon Revolution, formerly valued at $500 million and listed on the NASDAQ, has entered voluntary administration following a decline 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.
While revenue growth of 87 per cent to US$47 was still on track, ‘s revenues were up. 3 million (A$68) Since the 12 months to June 2024, it has lost more than US$146 million (A$210 million) in losses over the last 12 month to 6 24 months.
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A Melbourne-based McGrathNicol is being appointed by Carbon Revolution to conduct the restructure, according to Australian Financial Review. It also includes ensuring the future of its Geelong plant, which will continue to operate during the process.
Mr Hampton, who works with approximately 350 staff in Geelong, said ‘Customers love our product, deleveraging will help us move forward.’ He added that while the company is pushing for more automation in its processes and has been working on an initiative to increase efficiency of employees at GeElong.
The company says it will continue to meet production schedules, deliver deliveries and develop new products during the restructuring process, re-opening in the second quarter (April to June) “with the capital and market positioning required to execute its strategic plan”.
Carbon Revolution was the world’s first company to produce lightweight, single-piece carbon-fibre wheels with investment from the Clean Energy Finance Corporation (CEFC) and the Victorian Government.
This firm has been a local manufacturing success story as tier 1 supplier to automakers Ford, Renault, General Motors and Lamborghini (the company’s wheels factory-fitted to high performance models) with the Geelong-based model.
The Ford Mustang Dark Horse is fitted as standard with 19-inch carbon-fibre wheels from Carbon Revolution, which deliver a 37 per cent weight reduction compared to equivalent alloy wheels.
Carbon-fibre wheels are a good option for performance and premium models, as lower unsprung mass can be used to improve ride and handling.
Carbon Revolution’s wheels have also been fitted as standard to models including the Ferrari SF90 XX, Chevrolet Corvette Z06 and Range Rover Sport SV.
EVs also benefit from the weight savings with carbon-fibre wheels, which reduces rotational mass and helps extend driving range (weight one of the biggest challenges for these cars).
However, in a previous investor update, the company confirmed it had lost a number of contracts related to EV programs, as some automakers scaled back electrification plans. While it didn ’t name any brands, companies to revise EV product strategies include Ford, Honda and Mercedes-Benz, among others.
Carbon Revolution was listed in 2019 on the Australian Securities Exchange (ASX) and delisted in 2023 as it moved to the New York-based NASDAQ. The valuation of it fell below the listing requirements, and was removed from the NASDAQ in February 2026.
The firm announced this week that it had started a restructuring deal with “all its senior secured lenders, who have agreed to the financial structure of Carbon Revolution’s business in Australia”.
That announcement is in line with the federal government’s renewed focus on local manufacturing, where Minister for Industry and Innovation Tim Ayres last week outlined the Albanese government’s ‘Ambitious Australia– plan’.
Following the 2024–25 federal budget’s ‘Future Made in Australia’ program, which includes a $22 donation, this follows its newer slogan. Local manufacturing 7 billion investment in local manufacturing over the next 10 years.
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