Waurn Ponds, Geelong, could soon be home to a brand-new global manufacturing facility.

Carbon Revolution, a business that was only founded in 2007 and is already an international success story, announced it will be constructing a facility in which to manufacture its coveted high-tech wheels.

This Australian business is the only manufacturer in the world that produces one-piece carbon fibre wheels.

Currently used in a wide range of high-performance cars, these wheels are between 40 and 50 per cent stronger and lighter than their aluminium counterparts. This makes for a wide range of performance benefits and, most importantly, emissions reductions.

The government granted Carbon Revolution $1.8 million under the Green Car Innovation Fund in 2011/12 to help them become the world leader they are today.

In a media statement released on July 29, it was revealed the technology used in these wheels has been validated to levels that exceed the standards set by global automotive manufacturers.

Carbon Revolution currently employs more than 40 workers in high-tech, export-oriented manufacturing and engineering roles.

When the proposed global manufacturing facility is completed, it will take on approximately 300 more staff and could produce around 250,000 wheels each year.

Jake Dingle, chief executive officer of Carbon Revolution, said the construction of a state-of-the-art facility was justified, given the high number of new and pending contracts that are flooding in from Europe and the United States.

It is during times of change and expansion, whether it’s the employment of a few extra employees or the construction of a $50 million wheel manufacturing facility, that businesses need to review their manufacturing insurance plans.

By reviewing your policy, you can see if any changes you’re making to your business will result in gaps in your cover, and take the appropriate steps to mitigate this.