The Geelong-based global leader in carbon fibre wheel manufacturing, Carbon Revolution is looking to dramatically ramp up its operations to boost production.
WATCH: Carbon Revolution - reinventing the wheel
Its innovative carbon fibre wheels offer an alternative to aluminium wheels, and are up to 13 times stronger and typically 40 per cent lighter. When fully integrated in car design, the wheel technology can deliver a six per cent improvement in fuel efficiency.
The CEFC, through the Clean Energy Innovation Fund has committed $10 million in equity as part of a $50 million capital raising that will help Carbon Revolution expand production from under 6,000 to over 100,000 wheels a year.
The wheels are helping reduce carbon emissions through a less energy intensive production process than aluminium smelting and through the ongoing fuel savings achieved in vehicles fitted with the wheels.
While carbon fibre wheels will be at the luxury end of the market near term, vehicle enhancement technologies typically trickle down to the mass market as benefits are demonstrated and costs reduce with economies of scale.
The manufacturer's expansion will involve a significant development of Carbon Revolution's Geelong factory and a boost to staffing levels from around 110 currently to around 300 positions, many of which are highly skilled.
Carbon Revolution was established in 2007. It currently produces carbon fibre wheels for the Ford Mustang and Ford GT and has agreements with a number of other major global car makers for new cars which will enter production in the coming years.
The company also sells its products into the automotive aftermarket.
Read more about the Clean Energy Innovation Fund