VVPR - VIVOPOWER SECURES FULL US$10M INVESTMENT IN TEMBO FROM EMIRATES INVESTMENT OFFICE
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VivoPowerInternational PLC (Nasdaq: VVPR, “VivoPower” or the “Company”)is pleased to confirm that its subsidiary Tembo e-LV B.V.(“Tembo”) has now met all of the milestones required to obtain thefull strategic direct equity investment into Tembo, at a pre-moneyvaluation of US$120 million and that the initial tranche of funds havebeen received.
This is pursuant to a commitment received in June 2023 from aUAE based private investment office backed by a member of the rulingAl Maktoum family of Dubai. The investor, under the agreement terms,had the option to increase its cumulative investment up to US$10million.
VivoPowerwill continue to retain its majority stake in Tembo. Tembo recentlyannounced a binding heads of agreement to reverse merge into CCTS, aNASDAQ listed SPAC at an indicative equity valuation of US$838m.
AboutVivoPower
VivoPower is an award-winning global sustainable energysolutions B Corporation company focused on electric solutions forcustomised and ruggedised fleet applications, battery and microgrids,solar and critical power technology and services. The Company’s corepurpose is to provide its customers with turnkey decarbonisationsolutions that enable them to move toward net-zero carbon status.VivoPower has operations and personnel in Australia, Canada, theNetherlands, the United Kingdom, the United States, the Philippines,and the United Arab Emirates.
About Tembo
Tembo electric utility vehicles (EUVs) are thepremier 100% electric solution for ruggedised and/or customisedapplications for fleet owners in the mining, agriculture, energyutilities, defence, police, government, humanitarian, and game safariindustries. Tembo provides safe, high-performance off-road and on-roadelectric utility vehicles that meet exacting standards of safety,reliability, and quality. Its core purpose is to provide safe andreliable electrification solutions for utility vehicle fleet ownersglobally, helping perpetuate useful life, reduce costs, maximisereturn on assets, meet ESG goals and activate the circular economy.Tembo is a subsidiary of the NASDAQ listed B Corporation, VivoPowerInternational PLC.
Forward-Looking Statements
This communication includes certain statements that mayconstitute “forward-looking statements” for purposes of the U.S.federal securities laws. Forward-looking statements include, but arenot limited to, statements that refer to projections, forecasts orother characterisations of future events or circumstances, includingany underlying assumptions. The words “anticipate,” “believe,”“continue,” “could,” “estimate,” “expect,”“intends,” “may,” “might,” “plan,” “possible,”“potential,” “predict,” “project,” “should,”“would” and similar expressions may identify forward-lookingstatements, but the absence of these words does not mean that astatement is not forward-looking. Forward-looking statements mayinclude, for example, the anticipated impact that the events ortransactions described in this communication may have on the Companyand the expected returns therefrom. These statements are based onVivoPower’s management’s current expectations or beliefs and aresubject to risk, uncertainty, and changes in circumstances. Actualresults may vary materially from those expressed or implied by thestatements herein due to changes in economic, business, competitiveand/or regulatory factors, and other risks and uncertainties affectingthe operation of VivoPower’s business. These risks, uncertaintiesand contingencies include changes in business conditions, fluctuationsin customer demand, changes in accounting interpretations, managementof rapid growth, intensity of competition from other providers ofproducts and services, changes in general economic conditions,geopolitical events and regulatory changes, expectations on fundingfrom investors, and other factors set forth in VivoPower’s filingswith the United States Securities and Exchange Commission. Theinformation set forth herein should be read in light of such risks.VivoPower is under no obligation to, and expressly disclaims anyobligation to, update or alter its forward-looking statements whetheras a result of new information, future events, changes in assumptionsor otherwise.
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