$100m plan a win for Geelong
WORLD- LEADING Waurn Ponds manufacturer Carbon Revolution is set to unveil plans to grow its workforce from 70 to 500 under a $100 million expansion.
The wheel manufacturer will develop a new 7,000 square-metre facility beside its existing research and development hub at Deakin University.
Once complete the expansion is expected to allow the company to increase its production capacity from 10,000 to more than 150,000 wheels a year.
The Geelong Advertiser understands the Victorian Government will contribute a seven-figure sum towards the project.
Carbon Revolution has enjoyed a swift rise since its humble beginnings in a Leopold garage more than a decade ago.
It made headlines earlier this year after striking a deal to supply lightweight carbon fibre wheels to Italian sports car giant Ferrari.
The wheels feature in the new Ferrari 488 Pista, a 740horsepower V8 supercar, retailing at $645,000.
The company grew to 70 staff in 2015 and continues to refine its one-piece carbon fibre wheels, known for their light weight, quietness and resistance to vibration.
Carbon Revolution has formed a $15 million research and development partnership with Deakin University in a bid to maintain its status at the cutting edge of global automotive innovation.
Carbon Revolution has been the recipient of millions of dollars in grants under state and federal government programs to stimulate jobs in the region.
Premier Daniel Andrews described the expansion as a “yet another massive vote of confidence in Geelong.”
“These are hi-tech, secure jobs that will help the local economy continue to prosper,” Mr Andrews said.
“When Ford and Alcoa closed their doors, we said we’d be with the proud Geelong community every step of the way and that’s exactly what we’ve done — creating new jobs for hard working families.”
In late 2017 the company received a $2.5 million grant through the Advanced Manufacturing Growth Fund, and in 2015 it received $5 million through the Geelong Region Innovation and Investment Fund.
The Geelong Advertiser was unable to reach Carbon Revolution CEO Jake Dingle before going to print last night. “When Ford and Alcoa closed their doors, we said we’d be with the proud Geelong community every step of the way and that’s exactly what we’ve done — creating new jobs for hard working families.”
DANIEL ANDREWS