Carbon Revolution eyes best day in over 2 yrs after securing grant

Carbon Revolution

10/05/2022 03:07

** Shares of carbon fibre wheels maker  CBR.AX  jump as much
as 25.6% to A$0.565
    ** Stock set for best day since March 31, 2020 if gains hold
    ** Co secures https://www.asx.com.au/asxpdf/20220510/pdf/458vtg52dc43l7.pdf
 a grant of A$12 mln ($8.32 mln) from the Commonwealth Modern
Manufacturing Initiative for its Mega-line project
    ** Says the project raises co's capacity to supply its
carbon fibre wheels to the global electric vehicle market
    ** Says the grant contributes to the remaining scope of the
Phase 1 Mega-line project that is expected to increase co's
capacity by 75,000 to 155,000 wheels per annum
    ** Stock hits highest level since May 4
    ** As of last close, CBR stock down 56.1% YTD

    



($1 = 1.4430 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))