Investment secured from private investment office backed by member of ruling Al Maktoum family of Dubai
Initial US$2.5m investment with an option to increase up to US$10m in subsequent closings
Investment underscores Tembo’s progress and commitment to the UAE and surrounding markets
LONDON, June 28, 2023 (GLOBE NEWSWIRE) -- VivoPower International PLC (NASDAQ: VVPR, the “Company”) is pleased to announce a strategic direct equity investment into its wholly owned subsidiary, Tembo e-LV B.V. (“Tembo”) at a pre-money valuation of US$120 million.
Underlining its strong commitment to the UAE and the wider Middle East region, Tembo has secured an initial investment commitment of US$2.5 million from a private investment office backed by a member of the ruling Al Maktoum family of Dubai. The investor, under the agreement terms, retains the option to increase its cumulative investment in subsequent closings, up to US$10 million.
Kevin Chin, Chairman and CEO of VivoPower, noted: “We are very pleased to have secured this strategic direct investment into Tembo, underscoring what has been achieved and executed upon since its acquisition in 2020. This strategic investment comes on the heels of our recently announced strategic collaboration with AL TAIF Technical Services, the UAE's leading provider of maintenance, repair, and overhaul (MRO) services for military equipment. We will continue to deepen our ties with the UAE as we seek to service customers and partners within the local market as well as the surrounding region.”
VivoPower will continue to retain its majority stake in Tembo.
About VivoPower
VivoPower is an award-winning global sustainable energy solutions B Corporation company focused on electric solutions for customised and ruggedised fleet applications, battery and microgrids, solar and critical power technology and services. The Company’s core purpose is to provide its customers with turnkey decarbonisation solutions that enable them to move toward net-zero carbon status. VivoPower has operations and personnel in Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines and the United Arab Emirates.
About Tembo
Tembo electric utility vehicles (EUVs) are the premier 100% electric solution for ruggedised and/or customised applications for fleet owners in the mining, agriculture, energy utilities, defence, police, government, humanitarian and game safari industries. Tembo provides safe, high performance off-road and on-road electric vehicles that meet exacting standards of safety and quality. Its core purpose is to provide safe and reliable electrification solutions for utility vehicle fleet owners globally, helping perpetuate useful life, reduce costs, maximise return on assets, meet ESG goals and activate the circular economy.
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