04:09 AM EST, 12/24/2024 (MT Newswires) -- Carbon Revolution ( CREV ) said late Monday that it reached an agreement under which Orion Infrastructure Capital will provide an additional $25 million in financing to be disbursed in five equal tranches.

In connection with the deal, the company will issue to Orion and the lenders under a $60 million loan entered into in May 2023 penny warrants to purchase shares equivalent to 5% of its shares.

The first of these five funding tranches closed on Friday.

The incremental $25 million of capital, among other things, is intended to support ongoing liquidity and fund demand from Carbon Revolution's ( CREV ) customers, who are original equipment manufacturers.

Shares of the company doubled in after-hours activity Monday.

Price: 7.95, Change: +4.06, Percent Change: +104.37