Investment secured from private investment office backed by member of ruling Al Maktoum family of Dubai
Initial US$2.5 million investment made in June 2023 included an option to increase investment to up to US$10 million based on meeting certain milestones
Tembo has now met milestones to qualify for additional follow-on investment of US$5 million, for an aggregate total investment to date of US$7.5 million
LONDON, Jan. 11, 2024 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq: VVPR, “VivoPower” or the “Company”) is pleased to announce that its subsidiary Tembo e-LV B.V. (“Tembo”) has met milestones to obtain a further follow-on strategic direct equity investment of US$5 million into Tembo, at a pre-money valuation of US$120 million.
This is pursuant to a commitment received in June 2023 from a UAE based 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.
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 utility vehicles that meet exacting standards of safety, reliability, 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. Tembo is a subsidiary of the NASDAQ listed B Corporation, VivoPower International PLC.
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