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

11 Jan 2024

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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The Tembo fleet of vehicles including the Tembo electric utility vehicles (EUV), Tembo public utility vehicles (PUV) and the Tembo Tuskers are the premier 100% electric solution for off road and ruggedised on road applications including agriculture, mining, safaris, defence, infrastructure and utilities, amongst others. We offer safe, high performance electric vehicles with exacting industrial standards. Our mission is to support our customers in their missions to decarbonise their fleets and achieve operational efficiencies in the most demanding outdoor environments.