• 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

LONDON, April 08, 2024 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq: VVPR, “VivoPower” or the “Company”) is pleased to announce that its subsidiary Tembo e-LV B.V. (“Tembo”) 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.

About VivoPower

VivoPower is an award-winning global sustainable energy solutions B Corporation company focused on electric solutions for customised and ruggedised fleet applications, battery and microgrids, solar and critical power technology and services. The Company’s core purpose is to provide its customers with turnkey decarbonisation solutions that enable them to move toward net-zero carbon status. VivoPower has operations and personnel in Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates.

About Tembo

Tembo electric utility vehicles (EUVs) are the premier 100% electric solution for ruggedised and/or customised applications for fleet owners in the mining, agriculture, energy utilities, defence, police, government, humanitarian, and game safari industries. Tembo provides safe, high-performance off-road and on-road electric utility vehicles that meet exacting standards of safety, reliability, and quality. Its core purpose is to provide safe and reliable electrification solutions for utility vehicle fleet owners globally, helping perpetuate useful life, reduce costs, maximise return on assets, meet ESG goals and activate the circular economy. Tembo is a subsidiary of the NASDAQ listed B Corporation, VivoPower International PLC.

Forward-Looking Statements

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