VivoPower Signs LOI to Acquire 51% of Tembo 4×4 e-LV
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VivoPower International PLC (NASDAQ: VVPR) (“VivoPower” or the “Company”) is pleased to announce that it has signed a non-binding Letter of Intent (“LOI”) to acquire a 51% shareholding in Tembo 4×4 e-LV B.V. (“Tembo”), a specialist battery-electric and off-road vehicle company with customers globally in the mining, government services (armored cars, police, ambulances, inspection vehicles), game safari and humanitarian aid sectors. The purchase consideration will be USD$4.7 million and VivoPower will have the option to acquire the remaining 49% of Tembo in the future.
Founded in the Netherlands, Tembo has since grown its global sales and distribution channels across four continents, with current customers in Australia, Africa, Europe, and North America. For its fiscal year ended December 31, 2019, Tembo generated USD$2.3 million in revenue and an EBITDA loss of USD$0.2 million (unaudited), derived from battery-electric and off-road vehicle solutions.
Executive Chairman and CEO of VivoPower, Kevin Chin said, “We are very pleased to have the opportunity to invest in Tembo and to partner with Frank Daams and his team. We believe that this will deliver a win-win outcome for both parties, given the growing interest in electric vehicles from VivoPower’s customer base and the proven capabilities, technology and solutions that Tembo has already been delivering.
