VIVOPOWER ANNOUNCES FOLLOW-ON STRATEGIC DIRECT INVESTMENT IN TEMBO AT US$120M PRE-MONEY VALUATION
January 11 2024 - 9:25AM
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.
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, the anticipated impact that
the events or transactions described in this communication may have
on the Company 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, expectations on funding from
investors, 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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