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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