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.

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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.

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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.

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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.

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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.

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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.

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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.

Tembo Honoured with Electrical Vehicle Innovation of the Year Award in Dubai, United Arab Emirates

Tech Innovation Awards 2023 was hosted in Dubai, ahead of COP28 later this year

Award follows recent signing of landmark joint venture to electrify jeepneys in the Philippines

Jeepney electrification JV gives Tembo access to total addressable market estimated at US$10bn+ (excluding charging and other ancillary solutions)  with 40 million passenger trips per day and 600,000 driver livelihoods

Tembo E-LV, a subsidiary of the NASDAQ listed B Corp, VivoPower, is pleased to announce that it has been honoured with the prestigious Electric Vehicle Innovation of the Year Award at the Tech Innovation Awards 2023 event in Dubai.  

Hosted by Entrepreneur Middle East, the Tech Innovation Awards recognises the best technological innovations in the Middle East and North Africa region. The prestigious event sees industry leaders come together to celebrate the individuals and enterprises shaping the tech industry's future.

The recognition is a testament to VivoPower and Tembo’s commitment to the United Arab Emirates and broader Gulf Co-Operation Council (GCC) and African regions as important markets for its sustainable energy solutions.

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

Landmark Agreement with Francisco Motors to Electrify Jeepneys in the Philippines

Jeepneys are iconic public utility vehicles in the Philippines, representing 40% of public transport

Total addressable market estimated at US$10bn+ (excluding charging and other ancillary solutions)

Established in 1947, Francisco Motors is the original pioneering jeepney manufacturer

Francisco Motors and Tembo are already working towards delivering on committed orders

Deal will benefit Tembo’s customer and partners in other industries including mining & defence

Tembo to gain access to low-cost assembly and manufacturing in Philippines

Tembo E-LV, a subsidiary of the NASDAQ listed B Corp, VivoPower International, is pleased to announce that it has signed a definitive joint venture agreement with Francisco Motor Corporation, the pioneering manufacturers of the iconic jeepneys in the Philippines, which are primarily used for public transportation. Pursuant to the Agreement, Tembo will develop and supply electric utility vehicle (EUV) electrification kits for a new generation of electric jeepneys. Francisco Motors and Tembo have already secured their first orders and have commenced work to deliver on these jeepneys.

One of the Philippines’ cultural icons, jeepneys are the most common utility vehicle in the Philippines and the main mode of public transportation in the country, accounting for just over 40% of public transportation. There are more than 200,000 jeepneys on the road in the Philippines, of which more than 90% are at least 15 years old and running on second-hand diesel engines. In urban areas, jeepneys contribute up to 94% of ultrafine soot particles that are related to adverse respiratory and cardiovascular effects, increased cases of asthma, and premature deaths.

In June 2017, the Philippine government, through the Department of Transportation (DOTr), announced its plan to modernise the public transportation industry. Under the Public Utility Vehicle Modernisation Program (PUVMP), the DOTr requires that all jeepneys and other Public Utility Vehicles (PUVs) with at least 15 years of service be replaced with more energy-efficient and environment-friendly alternatives. The initiative provides jeepney drivers and operators the option of switching to Euro 4-compliant or electric engine vehicles. This creates a US$10bn+ addressable market for the replacement of the old jeepneys. In addition to the potential market for electric vehicles, the conversion of diesel-powered jeepneys to electric can reduce the carbon emissions of jeepney operations in the country. It can also significantly increase jeepney operators’ income by reducing daily fuel/energy costs by up to 80%, saving up to PhP60 billion per year for all the jeepneys operated in the Philippines.

Elmer Francisco, Chairman of Elmer Francisco Motor Corporation, said: “We are absolutely delighted to have signed this landmark deal with Tembo. We have had multiple approaches from various OEMs and electrification partners around the world, but the VivoPower and Tembo teams stood out for their genuine commitment to a purpose beyond solely the profit motive. In addition, we were impressed with the quality of their technical team and experience comprising world-class engineers formerly with the likes of Tesla, Rivian, Toyota, and others. Given the importance of the jeepney sector to the Philippines, the climate, the livelihoods of so many drivers, and the health and well-being of so many Filipinos, we wanted to be very careful and selective of who we partnered with for this iconic mission. We look forward to getting to work immediately given the initial orders we already have and the immediate pipeline of 37,000 jeepneys to be electrified. We look forward to a long and fruitful partnership with Tembo and VivoPower.”

Kevin Chin, VivoPower’s Executive Chairman and Chief Executive Officer, said: “We are honoured to have signed this exclusive definitive agreement with Francisco Motor Corporation to electrify the jeepneys, a much-loved cultural icon in the Philippines. Francisco Motors are the original pioneers of the jeepney, launching in 1947 post the ending of World War II. We stand in solidarity with Elmer Francisco, Chairman of Francisco Motors, in our shared mission to electrify and rejuvenate the jeepney in a manner that preserves the original design and look, as well as importantly improves the livelihood of the people employed by the jeepney industry.

“In addition, this will contribute to a significant reduction in carbon emissions in the Philippines, with jeepneys accounting for an estimated 4 million tonnes of CO2 emission per annum, not to mention the very significant addressable market opportunity. As a certified B Corporation, we believe this comprehensively ticks all the boxes of our triple bottom line mantra of people, planet, and profit. Beyond the triple bottom line impact, this development will also bring consequential benefits for Tembo’s EUV programmes for other industries including mining, defence, infrastructure and utilities, conservation parks, and agriculture amongst others. In particular, the transformational economies of scale, buying power, and access to low-cost assembly and manufacturing capabilities will help to further materially reduce the bill of material costs in the future for the benefit of our customers in industries such as mining, and defence.”

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

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.

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Shareholder Enquiries

shareholders@vivopower.com

VivoPower Announces Appointment of Philip Wray as Group Finance Director

VivoPower is pleased to announce that Philip Wray has joined as Group Finance Director. Phil brings a wealth of financial and leadership expertise to VivoPower, having worked in large multinational corporations for the past 18 years.

With a degree in Accounting and Finance and ACA Qualified, he started his career at Invensys plc in the UK soon holding a leadership role managing quarterly financial announcements and annual Group accounts. He also held a key position in Switzerland to integrate an Invensys Operating Company into the Group’s Reporting and Audit structure, and a financial manager role at Invensys Rail in the UK where he grew and developed the financial accounting team.

In 2011, he moved to Tektronix to focus on business partnering and helping drive profitable growth across the EMEA region through data analytics and investment analysis. Having led various financial and commercial projects successfully, he became the EMEA Finance Director in 2018 where he enabled the business to exceed its annual commitments while leading the finance organisation to develop best-in-class support for the group.

Phil also volunteers his skills with two not-for-profit organisations, supporting a local school and grassroots football club with financial guidance and strategic input.

As we welcome Phil to the VivoPower team, we would also like to thank James Tindal-Robertson and wish him all the very best for the future.

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

VivoPower Announces Strategic Direct Investment in Tembo at US$120m Pre-Money Valuation

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

Initial US$2.5m investment with an option to increase up to US$10m in subsequent closings

Investment underscores Tembo’s progress and commitment to the UAE and surrounding markets

VivoPower is pleased to announce a strategic direct equity investment into its wholly owned subsidiary, Tembo e-LV, at a pre-money valuation of US$120 million.

Underlining its strong commitment to the UAE and the wider Middle East region, Tembo has secured an initial investment commitment of US$2.5 million from a 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.

Kevin Chin, Chairman and CEO of VivoPower, noted:

“We are very pleased to have secured this strategic direct investment into Tembo, underscoring what has been achieved and executed upon since its acquisition in 2020. This strategic investment comes on the heels of our recently announced strategic collaboration with AL TAIF Technical Services, the UAE's leading provider of maintenance, repair, and overhaul (MRO) services for military equipment. We will continue to deepen our ties with the UAE as we seek to service customers and partners within the local market as well as the surrounding region.”

VivoPower will continue to retain its majority stake in Tembo.

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

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Shareholder Enquiries

shareholders@vivopower.com

VivoPower Announces Definitive Distribution Agreement in Ghana for Tembo EUVs

Agreement with Fourche Maline to sell 2,500 Tembo EUV kits over the next 5 years

Ghana is the largest producer of gold in Africa and ranks amongst the top 6 globally

Ghana’s government has launched the Drive Electric Initiative through the Ghana Energy Commission

VivoPower is pleased to announce that it has signed a definitive agreement with Fourche Maline, a fully indigenous Ghanaian engineering and technical services company for it to market, distribute, and service Tembo-powered electric utility vehicles (EUVs) across Ghana. Fourche Maline provides engineering and technical services in the local Ghana market to a number of the world’s leading companies in the Oil & Gas, Mining, Power & Energy, and Food & Beverage sectors.

Under the Agreement, Fourche Maline has committed to sell a total of 2,500 Tembo EV conversion kits from execution of this Agreement over the next 5 years across Ghana and West Africa. Fourche Maline will be responsible for acquiring utility vehicles, converting the vehicles to ruggedised Electric Utility Vehicles using Tembo conversion kits, selling the units to end customers, and providing after-sale servicing and maintenance with support from Tembo. Sectors, where the Tembo EUV will be used, are wide-ranging, including mining but also power, oil & gas, government services, insurance, and agriculture.

Ghana is one of the largest mining countries in the world and the number one gold mining country in Africa. The Hilux and LandCruiser are widely used in the local mining industry and several international mining companies with a local presence have declared global sustainability goals. Ghana has also been a proponent of Electric Vehicle adoption with the Ghana Energy Commission launching a “Drive Electric Initiative” (DEI-Gh) to foster the development of the EV market and infrastructure.

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

Kevin Chin, VivoPower’s Executive Chairman and Chief Executive Officer, said:

“We are very pleased to contribute towards the acceleration of Ghana achieving its net-zero goals with our Tembo EUV23 kits. Given the large mining sector in Ghana and surrounding West African nations, there is widespread use of the Hilux and LandCruiser models for mining as well as other sectors. Accordingly, there is a sizeable opportunity for electrification of utility vehicle fleets. We look forward to working closely with the Fourche Maline team to deliver not just Tembo EUV kits but also our broader sustainable energy solutions to Ghana, assisting the Ghanaian government as well as large industrial sector companies achieve their energy transition goals over the next five years in and beyond.”

Matilda Agyemang Sarfo, Fourche Maline’s Board Director, said:

“We are thrilled about the collaboration with VivoPower to implement electric mobility solutions specifically designed for aggressive and rugged terrains in Ghana and West Africa. This partnership represents a significant milestone as Ghana is the largest gold producer in Africa, and its mining sector is dedicated to a shift towards sustainable transportation. We have already initiated discussions with some key local mining players who are keen to test Tembo’s electrification solution.”

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

About Fourche Maline Ltd

Fourche Maline is a fully indigenous Ghanaian engineering and technical services company dedicated to the optimal performance of a wide range of industrial and commercial services for clients in the Oil and gas, Mining, Food and Beverage, and Diplomatic missions.

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VivoPower’s Tembo e-LV unit announces collaboration with EDGE Group’s AL TAIF, a ground military MRO company based in the UAE

Tembo E-LV, a subsidiary of VivoPower International, is pleased to announce that it has signed a memorandum of understanding with AL TAIF Technical Services, the UAE’s leading provider of maintenance, repair, and overhaul (MRO) services for military equipment. Pursuant to the Agreement, the collaboration will undertake feasibility studies with the goal of formalising a partnership spanning distribution of Tembo EV conversion kits, research & development, training in electric mobility and high voltage, as well as local assembly operations in the UAE.

AL TAIF is a subsidiary of the EDGE Group, one of the world’s leading advanced technology groups, established to develop agile, bold, and disruptive solutions for defence and beyond. Its customers include defence and police organisations in the UAE, the MENA region, and extending to other regions.

The Tembo EUV kits transform new and second-hand utility vehicles, including the 4×4 LandCruiser and Hilux vehicles into ruggedised EUVs for use in off-road and specialised on-road applications, including defence, mining, agriculture, construction, safari, and conservation, as well as humanitarian aid purposes. Tembo EUV conversion kits are a key component of VivoPower’s turnkey sustainable energy solutions, encompassing training and safety solutions, critical power solutions, battery storage, and battery second life applications designed to help fleet-owning customers accelerate towards their net zero carbon goals and to achieve cost savings.

The Agreement follows successful drive days in desert conditions, outside of Dubai (March 2023) and Abu Dhabi (May 2023) with Tembo EUV repowered vehicles.

Kevin Chin, VivoPower’s Executive Chairman and Chief Executive Officer, said:

“On behalf of the entire VivoPower and Tembo teams, I am very honoured to have entered into this Memorandum of Understanding with AL TAIF, the UAE’s official military and defence maintenance company. I would like to take the opportunity to thank Saif Al Dahbashi, AL TAIF’s Chief Executive Officer (CEO), and his team for selecting VivoPower and Tembo as their preferred partners for feasibility studies in relation to electric vehicle conversions and ancillary training services for the UAE military and their regional customers. At Tembo, we are very aware of the exacting standards required for defence industry use cases, which span not just safety but also security and confidentiality. As a B Corporation that has been recognised as amongst the Best in the World for Governance, VivoPower and its subsidiaries adopt an uncompromising approach towards security and confidentiality. We are all committed to working closely with the AL TAIF team to deliver both economic and sustainability outcomes for AL TAIF, the EDGE Group, and the UAE more broadly.”

Saif Al Dahbashi, AL TAIF’s CEO, said:

“As the leading centre of excellence for comprehensive lifecycle support of defence systems in the UAE, AL TAIF is very pleased to embark on this journey of collaboration with VivoPower and Tembo. As we align with the UAE’s strategic decarbonisation efforts, this partnership marks a concrete step within the defence industry to ensure a safe and secure future. By combining our respective strengths, we are confident that we will make significant strides in contributing to a more sustainable UAE, delivering unparalleled solutions that drive down costs and address the evolving needs of our customers."

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

About AL TAIF

AL TAIF provides essential lifecycle services and technical capability development to guarantee the ultimate asset performance and mission readiness for its customers. Its eleven state-of-the-art workshops are geographically distributed to offer seamless convenience and flexibility, while a mobile unit can quickly and efficiently address all types of MRO needs. The company is part of the Platforms & Systems cluster within EDGE, one of the world’s leading advanced technology groups.

Contact

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VivoPower, Tembo e-LV showcase electrified vehicle solutions at Endeavour Energy's Future Forum

VivoPower and Tembo e-LV had the honour of showcasing Tembo's electrified vehicle solutions at Endeavour Energy's Future Forum event held at Kings Park, Hoxton Park, and Spring Hill in Greater Sydney. The team demonstrated the capabilities of the Tembo electric utility vehicle (EUV) to attendees at multiple Endeavour Energy depots in the region.

The Future Forum showcased Endeavour Energy's forward-thinking innovation and served as an opportunity to recognise outstanding achievements in the energy industry. It also gave participants the platform to speak with peers on ways to drive the industry forward and help businesses meet their sustainability targets.

We thank the Endeavour Energy team, especially Danny Thai, Nathan Keen, Cameron Sampson, and Bruce Scoble. Special thanks also go to VivoPower's Kevin Chin and Miya Zhou for representing our company at the event and engaging with the attendees, as well as to Daniel Boardman, Phil Barker, and Evan Beaver for providing valuable support.

For more news and updates, stay tuned to the Tembo e-LV website.

VIVOPOWER ANNOUNCES DEFINITIVE DISTRIBUTION AGREEMENT TO DISTRIBUTE EV FLEET CHARGING SOLUTIONS

VivoPower International is pleased to announce that it has signed a definitive partnership agreement for VivoPower to market and distribute Vital EV Solutions fleet charging solutions globally.

Part of the Vital Group of companies, Vital EV is a specialist UK headquartered company, offering a comprehensive range of electric vehicle charging solutions for fleet owners and is the official re-seller of Kempower charging stations and service solutions in the UK and across Africa. Kempower, headquartered in Finland, has the fastest EV fleet charging solutions on the market including for off-highway working environment applications. 

Under the Agreement, VivoPower will be able to offer to its customers and partners a wide range of EV fleet charging products and services from Vital EV and Kempower for an initial term of 3 years. These products include multi-voltage lightweight movable rapid chargers, hub-and-spoke rapid and ultra-rapid charging systems, satellite dispensers as well as conventional station chargers.

The EV fleet charging solutions will be offered by VivoPower to complement Tembo’s EV conversion kits, which transform new and second-hand diesel-powered 4×4 Land Cruiser and Hilux vehicles into ruggedised EUVs for use in many sectors, including mining, infrastructure, government agencies, humanitarian, tourism, and agriculture. Tembo EV 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 to achieve cost savings.

Kevin Chin, VivoPower’s Executive Chairman and Chief Executive Officer, said:

“VivoPower’s purpose is to generate sustainable energy solutions to help our customers and our planet. This partnership will allow VivoPower to bundle ancillary charging solutions for our fleet-owning customers and partners who are seeking to electrify their fleets with the Tembo EV conversion kits. Vital EV’s solutions are differentiated from others in the market in that they offer satellite remote charging, off-road and ruggedised charging, as well as both DC and AC charging. This is highly relevant for some of the use cases of our customers, including for off-road and remote conditions.”

Alex Rae, Vital EV’s Director and General Manager, said:

“Vital EV are delighted to announce that VivoPower is set to become our partner as we extend the geographical reach of our highly reliable and future-proofed EV rapid charging solutions. VivoPower’s integrated focus on turnkey solutions complements our own objectives; which are to ensure all customers are supported with full product life-cycle services to ensure uptime and availability of critical charging infrastructure.”

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

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 Vital EV

Vital EV is the UK market leader in the sales, service, and rental of Kempower (DC) rapid charging solutions. Its vision is to be the most trusted service provider within the EV charging sector by setting world-class customer service benchmarks and transforming customer expectations with honesty, integrity, and passion. Part of the Vital Group of companies, the business is led by a dynamic, innovative, and experienced management team. With a specialist understanding of power engineering and the automotive sector, it enjoys a successful track-record in delivering large-scale and technically complex project installations to an ever-growing customer base of EV users.

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VIVOPOWER, ACCÈS SHOWCASE TEMBO ELECTRIFIED VEHICLE SOLUTIONS AT CIM MTL23

The VivoPower team joined our partners from Accès for the Canadian Institute of Mining (CIM|ICM) Convention + EXPO 2023 in Montreal.

CIM MTL23 is Canada’s premier mining trade show, attended by thousands of professionals from all over the world. More than 450 companies gathered to showcase the latest developments in mining equipment, tools, technology, services, and products. The three-day event featured panel discussions on important subjects such as battery electric vehicles (BEVs) and sustainability. 

For our part, we had the honour of sharing a booth with the Accès team. This gave us the opportunity to connect with industry members and present Tembo’s electrified vehicle solutions to attendees.

In 2021, VivoPower and Accès announced a definitive agreement for Accès to purchase 1,675 Tembo EUV conversion kits over the next 5 years.

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

VivoPower, Tembo host top-class Drive Days in UAE

VivoPower and Tembo e-LV, the global leader in EV conversion kits for utility vehicle fleets, hosted top-class Drive Days in the Al Wadi Desert Nature Reserve, Unit, to demonstrate the performance of our electrified LandCruiser to partners and clients.

Guests were able to inspect and test drive our Electric Utility Vehicle (EUV) in a desert environment. This was a real test for our EUV and, as usual, it passed comfortably.

“Heel erg bedankt” to the team back in Eindhoven for logistics and online support pre-drive day. Many thanks as well to Santiago Tenorio-Garcés, Matthew Nestor, and Daniel Boardman for organising successful drive days and brilliantly representing the Tembo team led by VivoPower’s CEO, Kevin Chin.

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