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.