Orders pursuant to Tembo's previously
announced joint venture with Francisco Motors
Established in 1947, Francisco Motor
Corporation is the original pioneering jeepney
manufacturer
Total addressable market to electrify
200,000 existing jeepneys estimated to be worth
US$10bn+
LONDON, Jan. 17,
2024 /PRNewswire/ -- Tembo E-LV BV ("Tembo"), a
subsidiary of the NASDAQ listed B Corp, VivoPower International PLC
(Nasdaq: VVPR, "VivoPower"), announced today that, pursuant to its
definitive joint venture agreement with Francisco Motor Corporation
("Francisco Motors"), it has been advised by Francisco Motors of a
total of 1,300 order commitments received from several leading
jeepney co-operatives in the Philippines, including Laguna,
First Isabela, Progressive and Cazanova.
Elmer Francisco, Chairman of
Francisco Motors, said: "We are excited to have procured
1,300 order commitments worth an estimated US$30 million from leading jeepney co-operatives
that have paid or committed to paying non refundable deposits to
secure their slots for the assembly of e-jeepneys that we are
building with the support of our partner, Tembo. Our shared
purpose of wanting to revive the
Philippines jeepney industry in an environmentally friendly
and sustainable manner, improve livelihoods and create jobs for
local Filipinos is a fundamental driver of what we see as an
enduring long term relationship between our customers, E-Francisco
Motors as well as 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.
About Francisco Motors
Founded in 1947, Francisco Motors is the pioneering creator and
manufacturer of the jeepney in the
Philippines. Headquartered in Manila in the
Philippines, Francisco Motors is leading the transition from
manufacturing traditional diesel-powered jeepneys to modern
electric jeepneys to help the
Philippines in transitioning to cleaner modes of public
transportation.
All trademarks referenced herein are the property of their
respective owners.
Forward-Looking Statements
This communication includes certain statements that may
constitute "forward-looking statements" for purposes of the U.S.
federal securities laws. Forward-looking statements include, but
are not limited to, statements that refer to projections, forecasts
or other characterisations of future events or circumstances,
including any underlying assumptions. The words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intends,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements may include, for example, statements about the
achievement of performance hurdles, or the benefits of the events
or transactions described in this communication and the expected
returns therefrom. These statements are based on VivoPower's
management's current expectations or beliefs and are subject to
risk, uncertainty, and changes in circumstances. Actual results may
vary materially from those expressed or implied by the statements
herein due to changes in economic, business, competitive and/or
regulatory factors, and other risks and uncertainties affecting the
operation of VivoPower's business. These risks, uncertainties and
contingencies include changes in business conditions, fluctuations
in customer demand, changes in accounting interpretations,
management of rapid growth, intensity of competition from other
providers of products and services, changes in general economic
conditions, geopolitical events and regulatory changes, and other
factors set forth in VivoPower's filings with the United States
Securities and Exchange Commission. The information set forth
herein should be read in light of such risks. VivoPower is under no
obligation to, and expressly disclaims any obligation to, update or
alter its forward-looking statements whether as a result of new
information, future events, changes in assumptions or
otherwise.
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SOURCE VivoPower