Info
Info

VivoPower secures 100% ownership of Tembo e-LV B.V.

News

VivoPower is pleased to announce that, following board approval, we have completed the definitive acquisition of the remaining 49% of Tembo e-LV B.V. (“Tembo”).

Info

Tembo is a specialist battery-electric and off-road vehicle company that focuses on designing and building ruggedized light electric vehicle solutions for customers across the globe in the mining, infrastructure, utilities, government services (including defense, police vehicles and ambulances), game safari and humanitarian aid sectors.

VivoPower previously acquired 51% of Tembo in October 2020 and recently announced a landmark distribution deal with its partner, GB Auto Group (“GB Auto”) in Australia.

VivoPower intends to invest up to an additional US$10.9 million into Tembo, in a staged manner based on Tembo attaining quarterly commercial milestones. This will enable Tembo to accelerate the scale up of its assembly, manufacturing and distribution capabilities to fulfill customer orders and deliveries. Existing Tembo management received US$2.2 million and 15,793 VivoPower shares for their residual post money shareholding, with VivoPower now owning 100% of Tembo's share capital.

With the GB Auto partnership expected to generate up to US$250 million in revenues over the first four years when combined with the value of the converted Toyota vehicles, it is believed to be the most valuable deal of its kind in Australasia to date. GB Auto is now Australia's exclusive distributor of the Tembo electric Toyota Land Cruiser, electric Toyota Hilux, and Tembo electric vehicle conversion kits. Tembo's R&D pipeline also includes high performance versions of its current vehicle solutions, with anticipated range improvements of up to 300%.

Kevin Chin, VivoPower's Executive Chairman and CEO, believes the full acquisition of Tembo will accelerate its growth and catalyze other deals similar to the GB Auto partnership.

He said: “Our intention has always been to move to 100% ownership of Tembo and the GB Auto deal has enabled this to occur at least two years ahead of plan. We are pleased to be able to fund this from existing cash reserves and the issuance of 15,793 VivoPower shares to Tembo's management shareholders. We are now focused on scaling up capabilities and executing at pace in order to meet strong customer interest and demand.”


The Latest News, Brought To You By
VivoPower secures 100% ownership of Tembo e-LV B.V.
Modified on Wednesday 3rd February 2021
Find all articles related to:
VivoPower secures 100% ownership of Tembo e-LV B.V.
TaaS Technology Magazine
Info
AIR Index Vehicle Emissions Rating System Offers First Realistic, Fully-fledged Alternative To Official Data
Daimler Plans Separation Into Two Pure-play Companies And Majority Listing Of Daimler Truck To Accelerate Into Zero- Emissions And Software-driven Future
Plus Commits To Deploy Ouster’s Digital Lidar Sensors
Riversimple And Siemens: The Beginning Of A Long-term Strategic Relationship
Kia Starts Pilot Of Last-mile Delivery Service In Singapore For Future PBV Business
Kia Unveils Roadmap For Transformation, Focusing On EVs And Mobility Solutions
Cosworth And Delta Sign Agreement For Acquisition
Hyundai Motor Group Unveils TIGER Uncrewed Ultimate Mobility Vehicle Concept
REE Automotive Opens New Engineering Center Of Excellence In The UK
Ouster Achieves Major Automotive Grade Milestone
Ford Raises Planned Investment In EV, AV Leadership To $29 Billion
Alauda Unveils The World’s First Flying Electric Racing Car
Targa Telematics Supports Leasys Miles In The UK
Niro EV’s Latest Accolade Reinforces The Strength Of Kia’s Electric Vehicle Lineup
VivoPower Secures 100% Ownership Of Tembo E-LV B.V.
AVL Advances Development Of Hydrogen Internal Combustion Engine For CO2 Neutral Transportation
Faurecia And Immersion Partner For Haptic Automotive Technologies
How The Volkswagen ID.4 Communicates With Light
Humax To Supply RAiDEA Mobility Service Platform In The Middle East
Trimble Teams With ROBORACE
Mazda First OEM To Join The EFuel Alliance
Forward31 And Lufthansa Innovation Hub Launch Startup Partnership
Abarth Launches World’s First Virtual Reality Test Drive Delivered To Homes
Volta Trucks Selects Meritor To Supply The Innovative Electric Drivetrain For The Volta Zero
Info
Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the TaaS Magazine, the TaaS Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification} Array
Live Event