Carbon Revolution carbon fibre wheels will be available on the 2024 Chevrolet Corvette E-Ray, the second C8 Corvette model to feature the company's lightweight wheel technology.

The E-Ray, unveiled today by General Motors, will be the first Corvette to utilise electric power in addition to its V8 engine, and the first all-wheel drive Corvette.

Five-spoke Carbon Revolution carbon fibre wheels, manufactured at the company's Waurn Ponds facility, will be available as an option on the 2024 Corvette C8 E-Ray.

Carbon Revolution already supplies carbon fibre wheels for the Corvette C8 Z06, which started production in mid-2022.

This additional vehicle variant forms part of Carbon Revolution's existing five-spoke Corvette wheel program.

The front wheel measures 20' x 10' while the 21' x 13' rear is world's widest carbon fibre wheel.

Corvette Executive Chief Engineer, Tadge Juechter, said the E-Ray, the first electrified, all-wheel-drive Corvette, expands the promise of what Corvette can deliver.

'Corvettes must provide an exhilarating driving experience on backroads and tracks, and E-Ray nails it. The electrification technology enhances the feeling of control in all conditions, adding an unexpected degree of composure,' Juechter said.

Carbon fibre wheels synonymous with electric vehicles

Carbon Revolution CEO, Jake Dingle said the company's lightweight wheel technology was synonymous with the Corvette E-Ray's philosophy of maximising efficiency and performance.

'The world is shifting to electrification and new mobility, and Carbon Revolution wheels are an ideal solution for carmakers looking to improve efficiency and performance of electric vehicles,' Dingle said.

'The E-Ray will transform the C8 Corvette's efficiency by offering hybrid power. The addition of Carbon Revolution wheels enhances the E-Ray's performance and efficiency through a significant reduction in unsprung, rotational mass.'

The 2024 Corvette E-Ray will go on sale in North America in mid-2023.

Carbon Revolution and Twin Ridge recently announced that they have entered into a definitive agreement for a business combination agreement and accompanying scheme implementation deed that is expected to result in Carbon Revolution becoming publicly listed in the U.S. Completion of the transaction is subject to customary closing conditions, including the approval of the TRCA shareholders and the Carbon Revolution shareholders. The transaction is expected to be completed in the first half of 2023.

Information about Proposed Business Combination

As previously announced, Carbon Revolution Limited ('CBR', 'Carbon Revolution' or the 'Company') (ASX: CBR) and Twin Ridge Capital Acquisition Corp. ('Twin Ridge' or 'TRCA') (NYSE: TRCA) have entered into a definitive business combination agreement and accompanying scheme implementation deed ('SID') that is expected to result in Carbon Revolution becoming publicly listed in the U.S. via a series of transactions, including a scheme of arrangement. Upon closing of the transactions, the ordinary shares and warrants of the merged company, an Irish company also named Carbon Revolution Limited (formerly known as Poppetell Limited), that will become the parent company of the Company and Twin Ridge, are expected to trade on a national exchange in the United States, and Carbon Revolution's shares shall be delisted from the ASX.

This communication relates to the proposed business combination involving Carbon Revolution Limited, an Australian public company with Australian Company Number (ACN) 128 274 653 listed on the Australian Securities Exchange, Twin Ridge Capital Acquisition Corp., a Cayman Islands exempted company, Carbon Revolution Limited (formerly known as Poppetell Limited), a private limited company incorporated in Ireland with registered number 607450 ('MergeCo'), and Poppettell Merger Sub, a Cayman Islands exempted company and wholly-owned subsidiary of MergeCo ('Merger Sub'). In connection with the proposed business combination, MergeCo intends to file with the U.S. Securities and Exchange Commission (the 'SEC') a Registration Statement on Form F-4 (the 'Registration Statement'), which will include a preliminary proxy statement of TRCA and a preliminary prospectus of MergeCo relating to the MergeCo Shares to be issued in connection with the proposed business combination. This communication is not a substitute for the Registration Statement, the definitive proxy statement/final prospectus or any other document that MergeCo or TRCA has filed or will file with the SEC or send to its shareholders in connection with the proposed business combination. This communication does not contain all the information that should be considered concerning the proposed business combination and other matters and is not intended to form the basis for any investment decision or any other decision in respect of such matters.

After the Registration Statement is declared effective, the definitive proxy statement will be mailed to shareholders of TRCA as of a record date to be established for voting on the proposed business combination. Additionally, TRCA and MergeCo will file other relevant materials with the SEC in connection with the proposed business combination. Copies of the Registration Statement, the definitive proxy statement/final prospectus and all other relevant materials for the proposed business combination filed or that will be filed with the SEC may be obtained, when available, free of charge at the SEC's website at www.sec.gov. In addition, the documents filed by TRCA or MergeCo may be obtained, when available, free of charge from TRCA at www.twinridgecapitalac.com. TRCA's shareholders may also obtain copies of the definitive proxy statement/prospectus, when available, without charge, by directing a request to Twin Ridge Capital Acquisition Corp., 999 Vanderbilt Beach Road, Suite 200, Naples, Florida 60654.

Forward-Looking Statements

All statements other than statements of historical facts contained in this communication are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as 'believe,' 'may,' 'will,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'expect,' 'should,' 'would,' 'plan,' 'project,' 'forecast,' 'predict,' 'potential,' 'seem,' 'seek,' 'future,' 'outlook,' 'target' or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the financial position, business strategy and the plans and objectives of management for future operations including as they relate to the proposed business combination and related transactions, pricing and market opportunity, the satisfaction of closing conditions to the proposed business combination and related transactions, the level of redemptions by TRCA's public shareholders and the timing of the completion of the proposed business combination, including the anticipated closing date of the proposed business combination and the use of the cash proceeds therefrom. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of CBR's and TRCA's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from such assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of CBR and TRCA.

These forward-looking statements are subject to a number of risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination, or that the approval of the shareholders of TRCA or CBR is not obtained; (iii) the ability to maintain the listing of MergeCo's securities on the stock exchange; (iv) the inability to complete any private placement financing, the amount of any private placement financing or the completion of any private placement financing with terms unfavorable to you; (v) the risk that the proposed business combination disrupts current plans and operations CBR or TRCA as a result of the announcement and consummation of the proposed business combination and related transactions; (vi) the risk that any of the conditions to closing of the business combination are not satisfied in the anticipated manner or on the anticipated timeline or are waived by any of the parties thereto; (vii) the failure to realize the anticipated benefits of the proposed business combination and related transactions; (viii) risks relating to the uncertainty of the costs related to the proposed business combination; (ix) risks related to the rollout of CBR's business strategy and the timing of expected business milestones; (x) the effects of competition on CBR's future business and the ability of the combined company to grow and manage growth, establish and maintain relationships with customers and healthcare professionals and retain its management and key employees; (xi) risks related to domestic and international political and macroeconomic uncertainty, including the Russia-Ukraine conflict; (xii) the outcome of any legal proceedings that may be instituted against TRCA, CBR or any of their respective directors or officers, following the announcement of the proposed business combination; (xiii) the amount of redemption requests made by TRCA's public shareholders; (xiv) the ability of TRCA to issue equity, if any, in connection with the proposed business combination or to otherwise obtain financing in the future; (xv) the impact of the global COVID-19 pandemic and governmental responses on any of the foregoing risks; (xvi) risks related to CBR's industry; (xvii) changes in laws and regulations and (xviii) those factors discussed in TRCA's Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent Quarterly Reports on Form 10-Q, in each case, under the heading 'Risk Factors,' and other documents of TRCA or MergeCo to be filed with the SEC, including the proxy statement / prospectus. If any of these risks materialize or TRCA's or CBR's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

In addition, forward-looking statements reflect TRCA's and CBR's expectations, plans or forecasts of future events and views as of the date of this communication. TRCA and CBR anticipate that subsequent events and developments will cause TRCA's and CBR's assessments to change. However, while TRCA and CBR may elect to update these forward-looking statements at some point in the future, each of TRCA, CBR, MergeCo and Merger Sub specifically disclaim any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing TRCA's and CBR's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contact:

Email: CarbonRevPR@icrinc.com

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