VivoPower International PLC (NASDAQ: VVPR) shares are demonstrating a positive trend in the US stock market this morning. In the latest assessment during the ongoing trading session, the value of VivoPower stock has surged by an impressive 17.48%, reaching $2.42. The surge in VVPR stock is attributed to significant achievements by its subsidiary, leading to a notable strategic equity investment.
VivoPower (VVPR) has officially communicated that its subsidiary, Tembo e-LV B.V., has successfully reached key milestones. That resulted in an additional strategic direct equity investment of $5 million into Tembo. This investment comes at a pre-money valuation of $120 million. Tembo’s electric utility vehicles (EUVs) stand out as the foremost 100% electric solution designed for robust and tailored applications catering to fleet owners in sectors such as mining, agriculture, energy utilities, defense, police, government, humanitarian, and game safari industries.
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Tembo specializes in delivering secure, high-performance off-road and on-road electric utility vehicles that adhere to stringent safety, reliability, and quality standards. The primary objective is to offer secure and dependable electrification solutions for utility vehicle fleet owners globally, contributing to extending the vehicles’ useful life, reducing costs, optimizing return on assets, achieving ESG goals, and fostering the circular economy.
This development is in line with a commitment made in June 2023 by a UAE-based private investment office, backed by a member of the ruling Al Maktoum family of Dubai. According to the agreement terms, the investor has the option to increase its cumulative investment in subsequent closings, up to $10 million. VivoPower will continue to maintain its majority stake in Tembo. VivoPower has also recently initiated a comprehensive strategic value maximization review of the company, utilizing a sum-of-the-parts approach.
To facilitate this review, the company has enlisted the services of corporate advisor Chardan. The decision to undergo this strategic review stems from expressions of interest received for both Tembo and Aevitas Kenshaw in the past few weeks. It’s important to note that these potential transactions are currently in the due diligence phase and may not necessarily result in definitive agreements.
