VivoPower International PLC (Nasdaq: VVPR) has announced a significant advancement in its mission to lead the sustainable energy solutions sector, with its subsidiary Tembo e-LV B.V. securing a full strategic direct equity investment from a UAE-based private investment office. This investment, valued at US$10 million, not only underscores the confidence in Tembo's potential but also highlights the growing interest in sustainable energy solutions globally.
The investment, backed by a member of the ruling Al Maktoum family of Dubai, sets Tembo's pre-money valuation at US$120 million, with the initial tranche of funds already received. This development is a testament to the strong commitment towards the growth of Tembo and its parent company, VivoPower, which continues to retain its majority stake in the subsidiary. The strategic move is expected to reinforce Tembo's position in the electric utility vehicles (EUVs) market, catering to industries such as mining, agriculture, and defense.
Further solidifying its market position, Tembo has announced a binding heads of agreement to reverse merge into CCTS, a NASDAQ listed SPAC, at an indicative equity valuation of US$838 million. This merger is poised to expand Tembo's reach and enhance its capabilities in providing electric utility vehicles, thereby supporting various industries in their transition towards sustainable operations.
VivoPower, an award-winning global sustainable energy solutions B Corporation, specializes in offering turnkey decarbonisation solutions. With operations spanning multiple countries, including the United States and the United Arab Emirates, the company is at the forefront of driving innovation in sustainable energy. Tembo's electric utility vehicles are designed to meet the specific needs of fleet owners, offering safe, high-performance solutions that align with environmental, social, and governance (ESG) goals.
The successful securing of this investment marks a pivotal moment for Tembo and VivoPower, highlighting their commitment to advancing sustainable energy solutions. As the demand for electric utility vehicles grows, this investment will catalyze further innovation, setting new standards for environmental sustainability and performance in the industry.
