PIUS finances first international contract, opening path
for more global technology companies
CARY, N.C., June 26, 2023 – Insured technology financing pioneer, PIUS, a Gallagher company, announced the securing of $60 million in funding for Carbon Revolution, a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels. The financing was secured and underwritten by PIUS, based largely on its evaluation of Carbon Revolution’s intellectual property (IP), and will provide the company with working and growth capital.
“Working with PIUS has enabled us to access a specialized form of non-dilutive financing that leverages the strong base of intellectual property that we have developed through extensive research and development, and technology commercialization, over the past fifteen years,” said Jake Dingle, CEO and Managing Director of Carbon Revolution. “The $60 million in financing will progress our ongoing capacity build out, further automation of the facility to reduce our cost structure, and provide working capital to support our growth forecasts. As the automotive industry shifts rapidly to electrification, we are well-positioned to capture this accelerating demand.”
Carbon Revolution, based in Victoria, Australia, is focused on further expanding its footprint in the rapidly growing market for electric vehicles (EVs). The Company’s wheels weigh up to 50% less than comparable aluminum wheels, and significantly reduce unsprung mass which greatly improves efficiency, while also helping leading global automakers to comply with the Corporate Average Fuel Economy (CAFE) targets set by the National Highway Traffic Safety Administration (NHTSA). These benefits have contributed to the award of two OEM EV wheel programs in recent months.
“In addition to our excitement in helping Carbon Revolution leverage its IP to become listed in the United States, the PIUS team is enthused about bringing insured technology financing to the Australian market,” said PIUS CEO, Joe Agiato. “We look forward to being a part of Carbon Revolution’s future global growth.”
PIUS provides a proprietary insurance product for growth-stage technology companies to secure flexible financing options without dilution by insuring the value of a loan, based largely on PIUS’ evaluation of the company’s intellectual property.
PIUS Limited, LLC, a Gallagher company, is a managing general underwriter with extensive expertise in evaluating IP and high-growth technology-driven companies. It offers a proprietary insurance product for growing technology companies, which utilizes a company’s intellectual property (IP) as collateral. By insuring the loan based on its evaluation of a company’s IP, PIUS helps facilitate greater loan amounts at better rates, while transferring the risk from the lender to the insurer. Through PIUS’ CLip Notes program, PIUS provides the insurance, brings the capital source via institutional investors, and monitors the transaction, providing a complete solution. For more information, visit https://piusre.com.
ABOUT CARBON REVOLUTION
Carbon Revolution is an Australian technology company, which has successfully innovated, commercialized and industrialized the advanced manufacture of carbon fiber wheels for the global automotive industry. The Company has progressed from single prototypes to designing and manufacturing high-performing wheels for some of the fastest street cars and most prestigious brands in the world. Carbon Revolution is creating a significant and sustainable advanced technology business that supplies its lightweight wheel technology to automotive manufacturers around the world. For more information, visit carbonrev.com