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 million (A$210 million).
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According to the Australian Financial Review, Carbon Revolution has appointed Melbourne-based McGrathNicol to carry out the restructure. This includes securing the future of its Geelong plant, which will continue operating during the process.
“Customers love our product, deleveraging will enable us to go forward,” added Mr Hampton, who leads a workforce of around 350 employees in Geelong, despite a push for greater automation in its processes.
The company says it will continue to meet production schedules, make deliveries and develop new products during the restructuring process, emerging in the second quarter (April to June) “with the capital and market positioning necessary to execute on its strategic plan”.
With investment from the Clean Energy Finance Corporation (CEFC) and the Victorian Government, Carbon Revolution was the first company in the world to produce lightweight, single-piece carbon-fibre wheels.
The Geelong-based firm has been a local manufacturing success story as a Tier 1 supplier to automakers including Ford, Renault, General Motors, Lamborghini and Ferrari, with its wheels factory-fitted to high-performance models.
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.
Lower unsprung mass can deliver improvements in ride and handling, making carbon-fibre wheels an attractive option for performance and premium models.
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.
The weight savings with carbon-fibre wheels also benefit EVs by reducing rotational mass and helping to extend driving range, with weight one of the biggest challenges for these vehicles.
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 listed on the Australian Securities Exchange (ASX) in 2019 before delisting in 2023 as it moved to the New York-based NASDAQ. It was removed from the NASDAQ in February 2026 after its valuation fell below listing requirements.
In a statement this week, the company said it had commenced a restructuring deal with “all its senior secured lenders, who have agreed to the financial restructure of Carbon Revolution’s business in Australia”.
The announcement coincides with the federal government’s renewed focus on local manufacturing, with Minister for Industry and Innovation Tim Ayres last week outlining the Albanese government’s ‘Ambitious Australia’ strategy.
This follows the 2024–25 federal budget’s ‘Future Made in Australia’ initiative, which includes a $22.7 billion investment in local manufacturing over the next decade.
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