VivoPower International Inc. (NASDAQ: VVPR) stock gained by 1.13% at last close while the VVPR stock price surged during pre-market trading by 1.54%. VivoPower is a sustainable energy services company that specializes in battery storage, electric solutions for tailored and ruggedized fleet applications, solar, and essential power technologies and services.
What is happening?
Acces Industrial Mining which is a Canadian industrial equipment distributor has inked a final deal with VivoPower International to market electric light vehicles in Canada, utilizing e-LV conversion kits from VivoPower’s fully owned subsidiary Tembo e-LV B.V.
Acces plans to buy 1,675 Tembo e-LV conversion packs in the timeframe between now and December 2026 following the terms of the deal. VVPR expects the net value of these contracts to be US$120 million over the next five and a half years, with a delivery schedule skewing toward the end of the Distribution Agreement period. Acces will be in charge of purchasing original Toyota cars, turning them to ruggedized e-LVs utilizing Tembo technologies, selling the units to end-users, and providing continuing service and maintenance.
Tembo kits convert diesel-powered Toyota LandCruiser and Hilux vehicles into ruggedized electric vehicles for use in mining and other difficult-to-decarbonize industries such as construction and defense. Tembo e-LV devices are a significant component of VivoPower’s complete net-zero solutions for corporate decarbonization, including solar generating, battery storage, and on-site power transmission.
The Distribution Deal comes after GB Auto Group Pty Limited and GB Electric Vehicles Pty Ltd signed a distribution agreement in January. VVPR has stated that it intends to establish a global Tembo distribution network by the end of the year, and talks with other distributors are continuing in Europe, Africa, the Middle East, the Americas, and Asia.
Acces was chosen as VivoPower’s Canadian distribution partner because of Acces’s long-standing experience supplying, customizing, and servicing Toyota LandCruisers, as well as its active relationships with large numbers of mining companies, making Acces a leading supplier of modular vehicle solutions to Canada’s mining sector.