Tembo E-LV Progresses Business Combination Agreement with CCTS at a Combined Enterprise Value Of US$904m

Business Combination Agreement with CCTS originally announced in August 2024

Combined pro forma enterprise value of US$904m assumes no public trust redemptions for CCTS

Parties working to close the transaction by Q2, calendar 2025

Tembo E-LV, a subsidiary of Nasdaq-listed B Corporation, VivoPower, today announced that it is working closely with CCTS (Cactus Acquisition Corp. 1 Limited), a Cayman Islands exempted special purpose acquisition company to progress towards a closing of the Business Combination by Q2, calendar 2025.

The parties originally announced a Business Combination Agreement (BCA) in August 2024 with an original target of closing the Business Combination by the end of calendar 2024.  However, as a consequence of new rules relating to special purpose acquisition company transactions, the parties took the opportunity to work with respective counsel to review the transaction structure.  This has now been completed, and work has resumed in relation to finalization of the registration statement on Form F-4, to be filed with the U.S. Securities and Exchange Commission (SEC). 

The parties expect a registration statement on Form F-4 to be filed shortly with the SEC in connection with the proposed transaction (the Business Combination), which they are working to close, subject to satisfaction (or waiver, as applicable) of closing conditions, including, without limitation, the completion of the SEC review process and approval of the transaction by CCTS shareholders, prior to the end of Q2, 2025.

The BCA was entered into by the parties following due diligence and receipt by the CCTS board of directors of a fairness opinion from an independent third party.

In connection with the Business Combination, the parties will submit to Nasdaq an application to list the securities of a newly formed company (Tembo Group) established in connection with the transaction on Nasdaq.

To read our full press release, and to keep up with all of VivoPower’s releases, visit our Press Releases page.

Contact 

Shareholder Enquiries 

shareholders@vivopower.com

VivoPower's Tembo Signs Heads of Agreement with East Africa’s Leading Vehicle Assembler, Associated Vehicle Assemblers Ltd (AVA)

5-year agreement targeting 200 vehicle conversions in first year and 1,600 over five years

Provides local sales, service, and maintenance, further boosting Tembo’s position in the East African market, a population exceeding 500 million people

AVA’s vehicle assembly facilities have the capacity to assemble 30,000 vehicles per annum

AVA currently assembles vehicles for leading OEMs including Toyota, Fuso, Proto, Hino, Mahindra, Scania, Tata, Volvo, and Daewoo

Established in 1975, AVA is the only assembler in the region to have achieved IATF16949 Certification

VivoPower announced today that its subsidiary, Tembo e-LV, has signed a Heads of Agreement with Associated Vehicle Assemblers (AVA), East Africa’s market-leading vehicle assembler.  

The Agreement covers Kenya, Tanzania, and other East African nations.  With a population exceeding 500 million people, East Africa is the largest sub-region in Africa and home to the United Nations headquarters for Africa.

Under the terms of the Agreement, AVA is empowered to both distribute and locally assemble Tembo’s 100% electric utility vehicle (EUV) solutions across East Africa for customers in the mining, agriculture, energy, safari, non-government organisation (NGO), defence, and government sectors. Crucially, it provides customers and partners in the East African region with local maintenance and support capabilities. This Agreement augments a previous partnership agreement that Tembo signed with ETC Group in relation to Kenya specifically.

The Agreement reflects both companies’ commitment to supporting Kenya’s transition to sustainable transportation and creating value and jobs in local economies across East Africa.

“We are seeing an acceleration in demand for electric vehicles across East Africa, from both government and private sector companies,” stated Matt Lloyd, CEO of AVA. “Having conducted an expansive review of electric conversion companies, we selected Tembo based on their experience, their cultural adaptability as well as the fact they have the most competitively priced products and solutions which also meet our quality and safety standards.   Our team is excited to welcome Tembo’s engineers to Kenya in April 2025 as we kickstart the first assemblies for the Kenya market.”

 “With the new and reduced pricing for our next-generation EUV25 electric conversion kits, we have seen a surge in interest from new and existing customers and partners.  This is a direct consequence of Tembo’s strategy to diversify and strengthen its supply chain which has translated into a significant reduction in costs, without sacrificing quality and safety,” commented Matthew Nestor, Tembo’s Head of Partnerships and Sales.  We are delighted to have been selected to partner with AVA, who are the pre-eminent vehicle assembler in East Africa.”

Kevin Chin, Executive Chairman and Chief Executive Officer of VivoPower, stated, "We are honoured to be partnering with AVA. This is part of a considered and patient strategy we have been executing upon globally to identify and build partnerships with long-established and credible leaders in their respective markets who are genuinely aligned in terms of values and like us, have a long-term commitment to deliver electrification solutions and transformation to entire nations."

To read our full press release, and to keep up with all of VivoPower’s releases, visit our Press Releases page.

About AVA

Associated Vehicle Assemblers Ltd. (AVA) is East Africa’s leading vehicle assembler, with decades of experience in producing high-quality vehicles tailored to meet the unique needs of the region. Based in Mombasa, AVA has established itself as a trusted partner for global automotive brands, providing state-of-the-art assembly services and technical expertise. AVA’s commitment to quality, innovation, and sustainability has made it a key player in Kenya’s automotive industry, driving economic growth and supporting the transition to more sustainable transport solutions. As a pioneer in the region, AVA continues to lead the way in assembling vehicles that meet the highest global standards while catering to local market demands.

Contact

Shareholder Enquiries 

shareholders@vivopower.com 

VivoPower’s Tembo signs Definitive Supply Agreement with pre-eminent African safari operator Asilia Africa

First phase of Definitive Supply Agreement will see Tembo deliver its EUV25 EPower conversion kits for Asilia’s fleet of Landcruisers, commencing from February 2025

Partnership will establish Asilia Africa and Tembo e-LV as key enablers of sustainable tourism in Africa, with a goal to scale across Asilia’s 16 camps and broader industry networks

Tembo’s 4x4 electric utility vehicles, renowned for durability in extreme conditions, will transport guests, staff, and supplies while operating entirely on renewable energy

Initiative is expected to reduce Asilia’s annual diesel consumption and carbon emissions, advancing both companies’ net-zero goals

Partnership reinforces Asilia Africa and VivoPower’s commitment to ESG leadership as fellow Certified B Corporations

VivoPower announced today that its wholly-owned subsidiary, Tembo e-LV, has entered into a definitive supply agreement with the pre-eminent safari operator and fellow Certified B Corporation, Asilia Africa, to deploy Tembo’s ruggedized electric utility vehicles across Asilia’s safari operations in East Africa, marking a transformative step toward decarbonizing the tourism sector in Africa.

Under the first phase of the agreement, Tembo will supply its next-generation EUV25 EPower conversion kits, with the first delivery scheduled for the end of February 2025. Assembly will be completed locally in Kenya.

Established in 2004, Asilia Africa has become a renowned leader in immersive safari experiences across East Africa. It is committed to delivering exceptional safaris while safeguarding the region’s ecosystems and wildlife. Asilia owns 16 bespoke camps and lodges across Kenya and Tanzania, employing nearly 1,000 people. It operates 165 Landcruisers as part of its vehicle fleet. Asilia is a member of the Nawiri Group, a B Corp Certified organization dedicated to sustainable, community-driven impact in East Africa.

The definitive supply agreement between VivoPower and Asilia underscores a shared commitment to environmental stewardship, social responsibility, and innovation—core tenets of the B Corporation certification held by both companies.

The partnership aligns with VivoPower’s mission to deliver sustainable energy and transportation solutions that enhance operational resilience and cost savings while reducing carbon footprints. It also builds upon Asilia’s goal of achieving carbon neutrality by 2025 while preserving the pristine ecosystems central to its business. Tembo’s purpose-built electric utility vehicles (EUVs) will replace diesel-powered fleets in Asilia’s remote safari camps, eliminating emissions, noise pollution, and operational reliance on fossil fuels in ecologically sensitive regions.

Matthew Nestor, VivoPower’s Global Head of Partnerships and Sales, said: “We are delighted to have been selected by Asilia as their fleet electrification partner. This partnership exemplifies how aligned values drive meaningful progress in sustainability. Asilia’s leadership in eco-conscious tourism and Tembo’s ruggedized EV technology combined, can prove that electrification will be effective even in the most challenging environments—protecting wildlife, supporting local communities, and offering guests a cleaner, quieter safari experience.”

Gerard Beaton, Head of Operations, Asilia Africa, said: “Asilia Africa is committed to pioneering sustainable tourism solutions that protect and preserve the incredible ecosystems we call home. We are very pleased to be partnering with a fellow B Corporation in VivoPower and Tembo as we accelerate our plans of reducing our environmental footprint while enhancing the safari experience for our guests. By integrating Tembo’s electric utility vehicles into our fleet, we can not only lower our carbon emissions but also contribute to the long-term sustainability of Africa’s wilderness. This collaboration reflects our dedication to responsible tourism, innovation, and community-driven impact, ensuring that future generations can continue to experience the magic of East Africa’s landscapes and wildlife.”

To read our full press release, and to keep up with all of VivoPower’s releases, visit our Press Releases page.

About EUV25 EPower conversion kit

The EUV25 EPower kit is the latest electric conversion kit for Landcruisers, specifically designed to accommodate rugged off-road terrain and conditions, as well as heavy payload. Tembo’s EUV25 builds on the legendary design of the Land Cruiser LC70, which has been an iconic and ubiquitous mode of transportation throughout Africa. Because of its rugged reliability and adaptability to challenging terrains, the LC70 has secured its place as the vehicle of choice traversing vast deserts, remote areas, and mountainous landscapes. Its durable design and ability to withstand extreme temperatures has made it indispensable for industries such as remote ecotourism, resources exploration, agriculture, and logistics.

About Asilia Africa

Founded in 2004 on a deep-rooted passion for conservation and community empowerment, Asilia Africa has been a leader in immersive safari experiences across East Africa for decades. True to its Swahili name—meaning “authentic” and “genuine”—Asilia is committed to delivering exceptional safaris while safeguarding the region’s ecosystems and wildlife.

Since its origins with Rekero Camp in 1986 and Oliver’s Camp in 1992, Asilia has grown into a premier safari operator with 16 bespoke camps and lodges across Kenya and Tanzania, employing nearly 1,000 people. The company harnesses the power of tourism to create lasting positive change, from responsibly sourcing energy and materials to supporting local communities and conservation initiatives.

Asilia is a proud member of the Nawiri Group, a B Corp Certified organization dedicated to sustainable, community-driven impact in East Africa. Through meaningful partnerships and a steadfast commitment to responsible travel, Asilia continues to inspire the next generation of adventurers and conservationists alike.

Contact

Shareholder Enquiries 

shareholders@vivopower.com 

VivoPower's Tembo Tuskers order and deliveries on schedule for February 2025, from Sydney, Australia

Delivery of 25 Tusker vehicles includes next gen model with upgraded cruise control, safety and multimedia features from February 2025

All 25 vehicles have been allocated due to strong demand from customers and partners

Tembo is working with fleet owners to assist them in securing the NSW government fleet incentive of up to A$15,000 per vehicle

Tembo Tuskers offer the best value for money homologated 100% electric utility pick-up truck in AustraliaTuskers come with a 3-year warranty, 8 year battery warranty from CATL, the world's largest battery company

VivoPower announced today that its subsidiary, Tembo e-LV, has been advised that it will receive shipment of 25 Tusker full electric utility vehicles into Sydney, Australia before the end of February 2025. Tembo will subsequently be able to deliver Tuskers to customers and partners.

The Tusker batch includes the next generation model which has upgraded features, including EPB (electronic park braking), Uphill Drive assistance, Fixed Speed Cruise Control, Bluetooth Car Phone, 12.3-inch Centre Console screen interface as well as AEBS and the popular V2L (vehicle 2 load feature).

The Tembo Tuskers offer the best value for money 100% electric utility pick-up trucks in Australia and comes with a 3 year OEM warranty and 8 year battery warranty from CATL, the world's largest battery company. The Tusker received full Australian Federal Government on road homologation vehicle type approval (VTA) approval in November 2024, following a rigorous testing and evaluation program by independent Australian Federal Government approved inspectors. VTAs are a critically important regulatory milestone in the Australasian pick-up truck market, which is estimated to be approximately US$10 billion. Without VTAs, vehicles are not considered homologated and cannot be legally driven on public roads across. They are crucial for ensuring that vehicles, including EVs, meet essential safety, environmental, and anti-theft standards before hitting the road. Under the Road Vehicle Standards (RVS) legislation, these approvals – managed by the Department of Infrastructure, Transport, Regional Development, and Communications – verify that EVs comply with stringent national regulations covering design, construction, and performance. As EV adoption accelerates, VTAs become vital in regulating new fully electric vehicle models in the market. They address unique EV-specific standards, such as battery safety and charging capabilities, helping manufacturers demonstrate compliance with local regulations.

For the full version of the article, visit the VivoPower Press Releases page.

Contact 

Shareholder Enquiries 

shareholders@vivopower.com 

VivoPower’s Tembo to launch EUV25 EPower kits for Landcruisers at Automechanika Dubai 2024, with an estimated 60,000 attendees from 160 countries

EUV25 EPower kit is the next-generation electric conversion kit for Landcruisers

Automechanika Dubai to be held from 10-12 December 2024

Estimated 60,000 attendees from over 160 countries registered to attend

Automechanika Dubai is the largest automotive aftermarket solutions show in the region

Tembo to follow up by hosting regional off-road drive days in the first quarter of calendar 2025

Tembo e-LV, a subsidiary of Nasdaq-listed B Corporation, VivoPower, is pleased to announce that it will be launching its next-generation EUV25 EPower conversion kit for Landcruisers at Automechanika Dubai 2024. 

The EUV25 EPower kit is the latest electric conversion kit for Landcruisers, specifically designed to accommodate rugged off-road terrain and conditions, as well as heavy payload.

Tembo will be joining forces with the market-leading UAE-based sustainable transport solutions company, ONE MOTO, at Automechanika Dubai from 10 to 12 December 2024, which will be held at the Dubai World Trade Centre.

Tembo’s EUV25 builds on the legendary design of the Land Cruiser LC70, which has been an iconic and ubiquitous mode of transportation in the UAE and the broader Gulf Cooperation Council (GCC) region. Because of its rugged reliability and adaptability to challenging terrains, the LC70 has secured its place as the vehicle of choice traversing vast deserts, remote areas, and mountainous landscapes. Its durable design and ability to withstand extreme temperatures has made it indispensable for industries such as oil exploration, agriculture, and logistics.

Automechanika Dubai 2024 is the largest international trade show for the automotive aftermarket industry in the Middle East, Africa, and South Asia region. It provides a platform for industry professionals, manufacturers, and suppliers to network, showcase innovations, and explore opportunities in the rapidly evolving automotive sector.

This year’s event will feature over 2,200 exhibitors from 161 countries, spanning 17 halls. Key highlights include specialised sections for tyres, batteries, telematics, diagnostics, and EV-related technologies, reflecting the industry's shift toward sustainability.

Chris Mallios, Chief Commercial Officer of VivoPower said: “We are delighted to be launching the EUV25 EPower conversion kit in one of the fastest growing regions in the world. We are grateful to be showcasing the kit in collaboration with the ONE MOTO team at Automechanika Dubai 2024. This collaboration reflects our shared commitment to driving innovation and adoption of electric vehicle technologies. By combining our expertise, we aim to showcase cutting-edge yet cost effective solutions that address the growing demand for sustainable mobility in the region”. 

To read our full press release, and to keep up with all of VivoPower’s releases, visit our Press Releases page.

About ONE MOTO

ONE MOTO is a pioneering electric vehicle company specialising in sustainable transport solutions for urban mobility and last-mile delivery. With a strong presence across the globe, ONE MOTO’s mission is to transform cities by providing zero-emission, cost-effective electric motorcycles for businesses and consumers alike. By leveraging advanced data technology and a passion for sustainability, ONE MOTO is paving the way for a cleaner, smarter future in urban transport.

Contact 

Shareholder Enquiries 

shareholders@vivopower.com 

VivoPower’s Tembo announces definitive agreement with pre-eminent jeepney group, Sarao Motors, in the Philippines’ estimated US$10bn jeepney market

Iconic jeepneys are the main form of public transport in the Philippines, with over 200,000 in service

Jeepneys account for approximately one-third of carbon emissions in the country

Established in 1953, Sarao Motors is the Philippines’ pre-eminent jeepney group

Sarao Motors selected Tembo to be its exclusive partner to provide electric jeepneys Tembo will continue to be able to work with other companies to provide electric jeepney solutions

Tembo E-LV, a subsidiary of Nasdaq-listed B Corporation, VivoPower, is very pleased to announce its definitive partnership agreement with the iconic Philippine jeepney manufacturer Sarao Motors. 

With a strategic focus on delivering purpose-driven sustainable transport solutions, Tembo will provide Sarao with state-of-the-art and cost-effective solutions to electrify the next generation of public utility jeepneys. Deliveries of Tembo’s electric jeepney kits are already en route to the Philippines and expected to be at Sarao’s headquarters in Las Piñas City, Metro Manila within the next weeks.   

Sarao is the long-standing and iconic leader in jeepney manufacturing in the Philippines, establishing itself as the top choice over decades for the majority of jeepney co-operatives, operators and drivers. Since 1953, the company has become synonymous with the colourful and ornately designed public utility vehicle symbolising Filipino culture. In 1981, it was the first jeepney company to be commissioned by the Vatican to make a jeepney popemobile for Pope John Paul II’s visit to the Philippines.  

Importantly, Sarao owns the largest dedicated jeepney facility in the Philippines, with over 20,000 square-metres, based in a prime location in Las Piñas  City. Furthermore, it also has its own jeepney routes and jeepneys that service these routes. VivoPower and Tembo will provide technical support to Sarao as Sarao transforms this site into a state-of-the-art sustainable energy solutions facility with modern assembly facilities and charging stations.

Edgardo ‘Ed’ Sarao, Vice President, Sarao Motors, said: “Together, we are bringing back the glory days of the Philippines’ jeepney industry, creating local jobs and opportunities, while preserving the cultural heritage that the jeepney represents. With this partnership, we’re raising the bar for the Philippine transportation industry and starting a future that honours tradition and embraces innovation. Seeing Tembo’s remarkable speed, technical expertise, and cost efficiency, we know they are the right partner for this journey.”

Leonard John ‘LJ’ Sarao, Operations Supervisor, Sarao Motors, said: “The Philippine jeepney, ever so resilient, will receive a big overhaul with its new electric powertrain. Preserving its roots and improving performance and efficiency, let us all move forward with making our public transport safer and environmentally friendly. In partnership with Tembo, we are looking forward to propelling our cultural icon into the future.”

Executive Chairman and CEO of VivoPower, Kevin Chin, said: “We are absolutely honoured that Tembo is partnering with Sarao Motors, a household name in the Philippines that is well recognised and highly respected by the Philippines government and the Filipino people alike. For Sarao to have selected Tembo as its exclusive e-jeepney kits and solutions provider, it is a testament to the considered, careful, and comprehensive approach to the engineering quality and safety that underpins our culture and modus operandi. As a B Corporation, we are steadfastly committed to the triple bottom line of People, Planet and Profit. We will not yield to short-term pressures that could lead to decisions that compromise the safety and comfort of passengers of e-jeepneys and the economic livelihood of those who work in the jeepney industry, especially the co-operatives and drivers. Our mission with the electric jeepney programme is to help enable the jeepney industry in the Philippines to be modernised, electrified and resurrected. Jobs can be created by leveraging local craftsmanship. We are confident that our partnership with Sarao will boost job opportunities in the jeepney transportation and manufacturing sectors of the Philippines, ensuring that the traditional skills of jeepney builders are not only protected but also advanced through new EV technologies. Furthermore, the integration of Tembo’s EV chassis allows us to keep jeepneys on the road while meeting modern environmental standards, paving the way for a cleaner, greener future. The partnership honours the legacy of Sarao’s design, ensuring that the look and feel of the beloved jeepney remains intact while enhancing its efficiency, durability, and performance with next-gen EV tech. In Sarao, we have found a partner with the same ethos and long-term mindset, with genuine care for its customers, passengers and the people of the Philippines.  We are also looking forward to supporting Sarao behind the scenes as it seeks to revitalise the jeepney industry locally in the Philippines. Jeepneys are the number one cultural icon of the Philippines, and we fully support that the next generation of jeepneys need to ultimately be made by Filipinos for Filipinos.”

For the full version of the article, visit the VivoPower Press Releases page.

About Sarao Motors

Founded in 1953, Sarao Motors is an iconic Filipino company known for pioneering the design and manufacturing of the Philippine jeepney, a symbol of the country's cultural and transportation heritage. Over the decades, Sarao has continuously evolved, providing durable and customizable jeepneys that cater to the needs of Filipino commuters. Today, Sarao Motors is at the forefront of innovation, driving sustainable solutions through the development of electric jeepneys while preserving the tradition and legacy of the iconic jeepney industry.

Contact

Shareholder Enquiries

shareholders@vivopower.com

Tembo E-LV, a Subsidiary of Nasdaq-Listed VivoPower Executes a Definitive Business Combination Agreement with CCTS for a Combined Enterprise Value of US$904 Million

Independent third-party fairness opinion was obtained and satisfactorily completed

Pro forma fully diluted combined enterprise value assumes no public trust redemptions

Tembo E-LV, a subsidiary of Nasdaq-listed B Corporation, VivoPower, today announced that it has executed a definitive Business Combination Agreement (BCA) with Cactus Acquisition Corp. 1 Limited (CCTS), a Cayman Islands exempted special purpose acquisition company. 

The BCA assigns a pro forma enterprise value to the combination of Tembo and CCTS, assuming zero redemptions by CCTS public shareholders at or before closing of US$904 million. 

The BCA was entered into by the parties following due diligence and receipt by the CCTS board of directors of a fairness opinion from an independent third party. 

The parties expect a registration statement on Form F-4 to be filed with the U.S. Securities and Exchange Commission (SEC) in connection with the proposed transaction (Business Combination), which they are working to close, subject to satisfaction (or waiver, as applicable) of closing conditions, including, without limitation, the completion of the SEC review process and approval of the transaction by CCTS shareholders, prior to the end of calendar year 2024. 

In connection with the Business Combination, the parties will submit to Nasdaq an application to list the securities of a newly formed company (Tembo Group) established in connection with the transaction on Nasdaq.

Advisors

Chardan is acting as exclusive financial and capital markets advisor to VivoPower and Tembo. White & Case LLP is serving as US legal advisor to VivoPower and Tembo; NautaDutilh N.V. is serving as Dutch legal counsel to VivoPower and Tembo. Ellenoff Grossman & Schole LLP is serving as U.S. legal advisor to CCTS; De Metz Advocaten N.V. is serving as Dutch counsel to CCTS.

For the full version of the article, visit the VivoPower Press Releases page.

Contact

Shareholder Enquiries

shareholders@vivopower.com

VivoPower’s Tembo Extends Heads of Agreement Exclusivity for US$838M Merger with CCTS

Exclusivity period for Heads of Agreement extended to 31 August 2024

Extension to enable Tembo to consummate material transaction and update disclosure

Nasdaq-listed B Corp VivoPower announced today that its electric vehicle subsidiary, Tembo e-LV, has agreed to a further one-month extension of its exclusive heads of agreement with Nasdaq-listed Cactus Acquisition Corporation I (CCTS) to 31 August 2024.

The extension is intended to provide additional time for Tembo to consummate a material transaction and update disclosures before finalising a definitive business combination agreement relating to the proposed transaction as well as the independent fairness opinion.

To read our full press release, and to keep up with all of VivoPower’s releases, visit our Press Releases page.

Contact

Shareholder Enquiries  

shareholders@vivopower.com

The Tembo Tusker 100% Electric Ute Launches To Take On The $16bn Pa Australian Ute Market

Tembo announces the Australian launch of its range of 100% electric utes, the Tembo Tusker. This marks a significant milestone in Tembo's mission to electrify global off-road vehicles, and the sector-leading price demonstrates the power of Tembo's next-generation global design and partner network.

Founded in 1969 in Eindhoven, The Netherlands, Tembo is a global leader in off-road electric vehicles for demanding users and first trialled its range of 4x4 conversions in Australia in 2018.

The Tembo Tusker, a 100% electric single and dual cab ute, draws on this heritage of innovation and excellence. With design centres in Europe and global platform partners, the Tembo Tusker achieves performance at a sector-leading price from $74,000 + GST and ORC. The range includes 65Kwh and 77Kwh variants giving ranges of 330km to 400km on a single charge.

Chris Mallios, Chief Commercial Officer of VivoPower, the NASDAQ-listed parent company of Tembo, said: “The Tembo Tusker represents the best value electric ute in Australia, with a starting price from $74,000. We’ve achieved this through our years of experience building electric 4x4 vehicles for demanding users, and our capital light production strategy that partners with global best-of-breed manufacturers and suppliers. We are confident that the Tusker’s performance and affordability will lead the charge in electrifying the $16bn pa Australian Ute market.”

For more information about the Tembo Tusker and to stay updated with VivoPower's latest developments visit

Australia www.temboev.com.au

Global www.temboelv.com

Contact:

Media Enquiries

media@temboev.com.au

VivoPower’s Tembo Secures 200 Tuskers Worth US$10M

NASDAQ-listed B Corp, VivoPower announced today that its electric vehicle subsidiary, Tembo E-LV, has secured a minimum 200 committed Tembo Tuskers, its full electric pick up utility vehicle, for delivery to customers and partners in Australia and New Zealand by February 2026.

This is following Australian pick up truck sales in May 2024 of approximately $US700m (source: VFACTS/FCAI, 4 June 2024) and stronger than expected interest at a leading Australian mining-focused trade show.

The Tembo Tuskers come in both left-hand and right-hand configurations, with single and dual cab options available.  They have a base range of 330 kilometres, as well as a payload capacity of 1 tonne, and an unbraked towing capacity of 750 kilograms.  Importantly they are priced at 15% below other comparable electric utility vehicles in the launch markets of Australia and New Zealand.  The initial order of Tembo Tuskers is being prepared for delivery to partners and customers in Australia, with full on-road homologation on track to be granted by July 2024.

Tembo will now seek to fast-track its strategy of bringing the Tuskers to other markets where it has customers and partners, including the United Arab Emirates, Africa, Europe, Asia, and Canada, amongst others.

The Tembo Tusker range will augment the Tembo conversion programs, increasing choices for Tembo’s B2B customer base and target market. Depending on where a fleet customer is in their fleet replacement cycle and/or depending on their strategic requirements and total cost of ownership considerations, Tembo will now be able to offer a choice of a full electric utility vehicle or a conversion of an existing utility vehicle. This expanded offering underscores Tembo's commitment to providing tailored solutions to meet the diverse requirements of its global customer base.

More broadly, VivoPower’s strategic focus remains on delivering purpose-driven sustainable energy solutions to electrify B2B fleets, encompassing aftermarket solutions, charging, digital twins, software, and data analytics, aligning with evolving market dynamics and regulatory frameworks.  The Tembo Tuskers will accelerate the pathway to delivering on this.  

To read our full press release, and to keep up with all of VivoPower’s releases, visit the Press Releases page.

Contact

Shareholder Enquiries

shareholders@vivopower.com

VivoPower's Tembo Launches Full Electric Tembo Tusker with First 50 Committed Orders

Inaugural partner and customer trials have exceeded expectations

Tembo has an initial commitment of 50 orders worth an estimated US$2.5m

Tembo Tusker range complements current conversion kit program, offering more choice

NASDAQ-listed B Corp, VivoPower announced today that its electric vehicle subsidiary, Tembo E-LV, has secured its first 50 committed orders for the Tembo Tusker, its full electric pick up utility vehicle.

The Tembo Tuskers come in both left-hand and right-hand configurations, with single and dual cab options available.  They have a base range of 330 kilometres (with the option to extend to 1000 kilometres), as well as a payload capacity of 1 tonne, and an unbraked towing capacity of 750 kilograms.  Importantly they are priced at 15% below other comparable electric utility vehicles in the launch markets of Australia and New Zealand.  

The initial order of Tembo Tuskers is being prepared for delivery to partners and customers in Australia, with full on-road homologation expected to be granted by July 2024.

The Tembo Tusker range will augment the Tembo conversion programs, increasing choices for Tembo’s B2B customer base and target market. Depending on where a fleet customer is in their fleet replacement cycle and/or depending on their strategic requirements and total cost of ownership considerations, Tembo will now be able to offer a choice of a full electric utility vehicle or a conversion of an existing utility vehicle. This expanded offering underscores Tembo's commitment to providing tailored solutions to meet the diverse requirements of its global customer base.

More broadly, VivoPower’s strategic focus remains on delivering purpose-driven sustainable energy solutions to electrify B2B fleets, encompassing aftermarket solutions, charging, digital twins, software, and data analytics, aligning with evolving market dynamics and regulatory frameworks.  The Tembo Tuskers will accelerate the pathway to delivering on this.

To read our full press release, and to keep up with all of VivoPower’s releases, visit the Press Releases page.

Contact

Shareholder Enquiries

shareholders@vivopower.com

VivoPower's Tembo Launches Full Electric Pick Up Utility Vehicle with Capital Light Global Supply Chain

Ground breaking strategic development allows Tembo to bypass capex intensive assembly process and fast track path to profitable revenues

Fully electric OEM pickup utility vehicle facilitated by establishment of world class supply chain  across Asia augmented with European design and development heritage

Initial B2B orders already secured for the EU-certified OEM vehicles, which are on track for full homologation by July 2024

Tembo OEM vehicle range complements current EUV conversion kit program, offering more choice to B2B corporate fleet customers

Strategic supply chain will also materially reduce direct costs for the Tembo EUV conversion kit and Jeepney programs

The OEM program is projected to expand Tembo’s total addressable B2B market by over 100% to $203 billion

Executive Chairman of VivoPower will host a strategy and product update call on June 5, 2024

The NASDAQ-listed B Corp, VivoPower has announced a major transformational strategic update today with regards to its electric vehicle subsidiary, Tembo e-LV.

Over the past 18 months, Tembo has diligently worked towards establishing a robust supply chain across Asia, including securing best-in-class partners in the Philippines, Thailand, China, and India, accelerating the ability to serve diverse markets globally.

The establishment of this supply chain has enabled Tembo to procure, evaluate, and now introduce a fully electric OEM pickup utility vehicle. The base model has a range of 330 kilometres, as well as a payload capacity of 1 tonne, and an unbraked towing capacity of 750 kilograms. The inaugural shipment of EU-certified and rigorously tested vehicles have already arrived in Australia. This initial order is being prepared for delivery to partners and customers, with full on-road homologation expected to be granted by July 2024.

The Tembo OEM program will augment the Tembo EUV conversion program, increasing choices for Tembo’s B2B customer base and target market. Depending on where a fleet customer is in their fleet replacement cycle and/or depending on their strategic requirements and total cost of ownership considerations, Tembo will now be able to offer a choice of a full electric utility vehicle or a conversion of an existing utility vehicle. This expanded offering underscores Tembo's commitment to providing tailored solutions to meet the diverse requirements of its global customer base.

The establishment of our strategic supply chain in Asia also has profound financial implications for both VivoPower and Tembo, alleviating the necessity to procure substantial funds for capital expenditure towards assembly and production facilities. This transformation of Tembo's business model towards a more capital-light approach not only accelerates delivery schedules and revenue streams but also fortifies the foundation for sustainable growth. Moreover, this development also delivers a positive effect on our EUV conversion and Jeepney PUV businesses, enabling significant reductions in direct costs for both programs.

More broadly, our strategic focus remains on delivering purpose-driven sustainable energy solutions to electrify B2B fleets, encompassing aftermarket solutions, charging, digital twins, software, and data analytics, aligning with evolving market dynamics and regulatory frameworks.

VivoPower’s Executive Chairman and CEO, Kevin Chin, said: “The establishment of our strategic supply chain is the culmination of 18 months of extensive engagement to build and fortify relationships with best-in-class partners across Asia.  We have executed upon a ‘Pilot – Partner – Procure” strategy which materially improves our competitive pricing, significantly reduces capex requirements, and accelerates speed to market. The outcome has surpassed our expectations, so much so, that we are now in a position to bypass the traditionally most risky and capital-intensive scale-up assembly and production phase with the introduction of the Tembo OEM range.  Our pre-marketing engagement with our partners and potential customers has provided us with very positive feedback and given us the confidence to accelerate the launch of the range globally.  The Tembo OEM program is also B2B focussed and augments our EUV conversion business, including the Jeepney program.  Both the EUV and Jeepney PUV business units will benefit from the strategic supply chain that is now in place, with a material reduction in direct costs for both.  Importantly, with the European heritage of Tembo, as well as our first-class team of experienced EV engineers and executives, there is no compromise on safety, quality, and reliability. We are also cognizant that in order to be truly sustainable, our solutions need to be economically viable for our customers as well as environmentally beneficial. These transformational strategic initiatives we have executed upon will deliver on both fronts for our partners and customers alike. Furthermore, the transition to a capital light business model that accelerates our path to profitable revenues is a benefit for our shareholders.”

To read our full press release, and to keep up with all of Tembo’s releases, visit our News page.

Contact

Shareholder Enquiries

shareholders@vivopower.com

VivoPower Announces Further Strategic Direct Investment in Tembo from Emirati Investment Office

Investment commitment secured from private investment office backed by member of ruling Al Maktoum family of Dubai

Initial US$7.5m investment milestones previously met as part of US$10 million commitment

Tembo has now met milestones to qualify for the final follow-on investment of US$2.5 million, for an aggregate total investment of US$10 million

VivoPower is pleased to announce that its subsidiary, Tembo e-LV, has now met all the milestones to obtain the final follow-on strategic direct equity investment 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, can exercise the option to increase its cumulative investment in subsequent closings, up to US$10 million based on milestones which have now all been met.

VivoPower will continue to retain its majority stake in Tembo. Tembo recently announced a binding heads of agreement to execute a business combination agreement with CCTS, a NASDAQ listed SPAC at an indicative pre money equity valuation of US$838m.

To read our full press release, and to keep up with all of VivoPower’s releases, visit the company's Press Releases page.

Contact

Shareholder Enquiries

shareholders@vivopower.com

VivoPower announces binding heads of agreement to merge Tembo into NASDAQ listed CCTS at an indicative US$838m Equity Value

Tembo, a global leader in utility vehicle electrification, and a subsidiary of VivoPower International, today announced it has entered into a binding heads of agreement whereby it will exclusively negotiate to consummate a business combination agreement to merge with Cactus Acquisition Corp. 1 Limited (CCTS), a special purpose acquisition company. Upon closing of a business combination, the combined company is expected to remain NASDAQ listed under the name “Tembo Group”.

Key Terms of the Agreement

Additional information about the proposed merger, including a copy of the merger agreement and other material documentation will be filed with the SEC and available at www.sec.gov. An S-4 registration statement will also be filed with the SEC, which will contain a proxy statement/prospectus in connection with the business combination.

Chardan Capital Markets LLC is acting as financial advisor to VivoPower and Tembo on this transaction.

For the full version of the article, visit the VivoPower Press Releases page.

About Cactus Acquisition Corp. 1 Limited

Cactus Acquisition Corp. 1 Limited is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination.  For more information, visit https://cactusac1.com.

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 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.

Important Information About the Merger and Where to Find It

In connection with the proposed Merger, CCTS intends to file preliminary and definitive proxy statements with the SEC. The preliminary and definitive proxy statements and other relevant documents will be sent or given to the stockholders of CCTS as of the record date established for voting on the proposed Merger and will contain important information about the proposed Merger and related matters. Stockholders of CCTS and other interested persons are advised to read, when available, the preliminary proxy statement and any amendments thereto and, once available, the definitive proxy statement, in connection with CCTS’s solicitation of proxies for the meeting of stockholders to be held to approve, among other things, the proposed Merger because the proxy statement will contain important information about CCTS and the proposed Merger. When available, the definitive proxy statement will be mailed to CCTS’s stockholders as of a record date to be established for voting on the proposed Merger. Stockholders will also be able to obtain copies of the proxy statement, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: Cactus Acquisition Corp. 1 Ltd, 4B Cedar Brook Drive, Cranbury, NJ 08512, telephone: (609) 495-2222.

Contact

Shareholder Enquiries

shareholders@vivopower.com

Tembo Next Generation EUV Kit Deliveries Have Commenced

Access Industrial Mining Inc in Canada is the inaugural partner to receive shipment

Founded in 1998, Access is a key distributor and supplier to the Canadian mining and industrial sectors

Previously signed Definitive Agreement for 1,675 EUV conversion kits over five years

Tembo E-LV, a subsidiary of the Nasdaq-listed B Corp, VivoPower, is pleased to announce today that it has begun delivery of its next-generation Electric Utility Vehicle (EUV) powertrain conversion kits.  The first delivery of kit components was made to Access Industrial Mining Inc, Tembo’s exclusive distributor in Canada.

Following the completion of Access’s successful testing program of the Tembo converted 4x4 Landcruiser in Europe in 2023, Access placed an initial order for EUV powertrain conversion kits. Further testing was then conducted across both hardware and software elements of the EUV powertrain conversion kits.  This was pursuant to a definitive agreement for Access to purchase 1,675 Tembo EUV conversion kits over a period of five years.

The Tembo EUV conversion kits will transform new and second-hand diesel-powered 4×4 LandCruiser and Hilux vehicles into ruggedised EUVs that are fit for purpose for mining and other industrial applications. Tembo EUV conversion kits are a key component of VivoPower’s turnkey sustainable energy solutions, designed to help corporate customers accelerate toward their net zero carbon goals and achieve cost savings.

Tembo selected Access as the Company’s distribution partner in Canada because of Access’s long track record and experience supplying, customizing, and servicing Toyota LandCruisers, as well as its extensive and active relationships with mining and other industrial companies.

Martin Paquette, General Manager of Access, said: “We are excited to start the electrification retrofit process on our clients’ LandCruisers using Tembo’s EUV conversion kit, and thus to offer EUVs to our clients across Canada. This is a product which has been in demand for some time in the market given our clients’ broader sustainability objectives and key legislation.”

Kevin Chin, Chairman and CEO of VivoPower, said: “For Tembo, quality and safety are of paramount importance. Following a disciplined testing program over the last 12 months, we are very pleased to have begun delivery of the next-generation EUV conversion kits and look forward to supporting our valued partner, Access as well as our other partners across the globe to electrify their utility vehicle fleets. In doing so, we look forward to helping them meet their commercial objectives, including in relation to sustainability goals.”

For more news & insights, stay tuned to the Tembo e-LV website.

About Access

Founded in 1998 in Rouyn-Noranda, Quebec, Access is Canada’s foremost dealer and customizer of Toyota and other branded vehicles in the industry. While its main focus is mining, it also has customers in the industrial, forestry, construction, and government sectors.

1,300 E-Jeepney Order Commitments in the Philippines for Tembo Francisco Motors Joint Venture

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+

Tembo E-LV, a subsidiary of the NASDAQ listed B Corp, VivoPower, announced today that, pursuant to its definitive joint venture agreement with Francisco Motor Corporation, 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.”

For more News & Insights, stay tuned to the Tembo e-LV website.

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.

Contact

Shareholder Enquiries

shareholders@vivopower.com

VivoPower Announces Follow-on Direct Investment in Tembo at US$120M Valuation

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

VivoPower is pleased to announce that its subsidiary, Tembo e-LV, 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.

Contact

Shareholder Enquiries

shareholders@vivopower.com

VivoPower Signs Definitive Joint Venture Agreement with Digital Twin Technology Company, Geminum

VivoPower and Geminum team up to offer holistic, end-to-end fleet electrification and decarbonisation solutions

Geminum specialises in digital twin solutions for corporations seeking to implement decarbonisation solutions in a safe, cost-effective, and integrated manner

Geminum leadership team have  20 years of combined digital twin and change management experience, particularly in the mining industry

VivoPower is pleased to announce that it has signed a Joint Venture with Geminum Pty Ltd, 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 synthesise 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 programme, 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’.

Stay tuned to the Tembo website for more news & insights.

About Geminum

Geminum is an Australian-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 who 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.