VIVOPOWER SIGNS DEFINITIVE JOINT VENTURE AGREEMENT WITH DIGITAL TWIN TECHNOLOGY COMPANY, GEMINUM
October 18 2023 - 9:00AM
NASDAQ listed B Corp, VivoPower International PLC (“VivoPower”), is
pleased to announce that it has signed a Joint Venture (“JV
Agreement”) with Geminum Pty Ltd (“Geminum”), a specialist digital
twin technology company founded in Australia, to design, test and
implement digital twins of Tembo electric utility vehicles and
ancillary VivoPower sustainable energy solutions (VivoSES).
These digital twins will enable corporations engaging in
decarbonisation programmes to optimise total cost of ownership
(“TCO”) and capture and synthesize near real-time analytics and
carbon abatement data. Geminum, a specialist digital twin
technology company, will also provide mining industry expertise to
assist Tembo with the development of solutions that better meet the
needs of remote owner operators.
Geminum co-founder and CEO Rob Foster said of the JV
Agreement: “We were introduced to VivoPower and Tembo some
time ago and were impressed by their dedication to electrification
and their genuine desire to create positive change at the ecosystem
level. This JV is further recognition that complex system problems
like fleet decarbonisation require holistic solutions across
people, process and technology, to help fleet operators make the
transition safely and cost effectively.”
Executive Chairman and CEO of VivoPower, Kevin Chin
said: “Digital twin technology will enable our customers
and partners to cost effectively and quickly assess the TCO
equation of a decarbonisation program, incorporating fleet
electrification solutions. With TCO for decarbonisation, it is not
enough to simply consider traditional financial-based metrics, but
it is equally important to carefully quantify the carbon emissions
consequences as well as the implications for workflow processes and
people. This JV Agreement with Geminum will fortify our VivoSES
(sustainable energy solutions) capabilities, especially for the
mining sector and enable our customers and partners to achieve
their decarbonisation goals.”
About VivoPower
VivoPower is an award-winning global sustainable energy
solutions B Corporation company focused on electric solutions for
off-road and on-road 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, infrastructure, 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 Geminum
Geminum is an Australia-based technology company that
specialises in the design, development and implementation of
digital twin technology for asset-intensive industries. Geminum
develops solutions and provides services to asset owners, service
providers and technology companies that are seeking to create
highly integrated and near real time solutions to improve decision
making. Geminum’s mission is to assist companies that are powering
the energy transition to make the transition from rules to
prescriptions, by making predictive technologies easy to use and
quick to deliver value.
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.
Contact
Shareholder Enquiries
shareholders@vivopower.com
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