VivoPower International PLC (Nasdaq: VVPR) has announced a significant financial boost for its subsidiary, Tembo e-LV B.V., through a $10 million strategic direct equity investment from a UAE-based private investment office. This investment not only highlights the confidence in Tembo's potential but also sets a pre-money valuation of $120 million for the company. The initial tranche of funds has already been received, showcasing a strong commitment to Tembo's growth and its innovative electric utility vehicles (EUVs).
This development is a testament to Tembo's rising prominence in the sustainable energy sector, particularly in the electric utility vehicles market. With VivoPower retaining its majority stake in Tembo, the partnership is poised to further innovate and lead in providing decarbonization solutions. The investment comes at a pivotal time as Tembo has also announced a binding heads of agreement to reverse merge into CCTS, a NASDAQ listed SPAC, at an indicative equity valuation of $838 million. This strategic move is expected to significantly expand Tembo's market reach and enhance its offerings to industries such as mining, agriculture, and defense.
VivoPower, as a global sustainable energy solutions B Corporation, is at the forefront of offering electric solutions for customized and ruggedized fleet applications. The company's mission to enable customers to achieve net-zero carbon status is further supported by this investment. Tembo's EUVs are designed to meet the rigorous demands of various industries, providing safe, high-performance vehicles that support fleet owners in reducing costs and meeting environmental, social, and governance (ESG) goals.
The collaboration between VivoPower and the UAE-based investment office underscores a shared vision for advancing sustainable energy solutions. As the demand for electric utility vehicles grows, this investment will catalyze innovation and development in electrification solutions, setting new standards for environmental sustainability and performance. For more information on VivoPower and its initiatives, visit https://www.vivopower.com.
