Carbon Revolution, once a poster child of the local advanced manufacturing sector valued at $500 million, has put its Australian operations into administration after a plunge in demand for its lightweight wheels.
The company had been listed on the Nasdaq until earlier this year, when it was booted off the exchange after slow demand for electric vehicles crippled its finances. On Thursday, it said it had appointed McGrathNicol in the hope of turning around its fortunes, and those of its Geelong plant, which will continue to operate while the company is restructured.
