Curated News
By: NewsRamp Editorial Staff
April 10, 2024
VivoPower Secures Full US$10M Investment in Tembo from Emirates Investment Office
TLDR
- VivoPower secures full US$10m investment in Tembo from UAE private investment office, with option for additional US$10m cumulative investment.
- VivoPower subsidiary Tembo met all milestones for US$120m strategic equity investment, with majority stake retention and binding heads of agreement for reverse merge into NASDAQ-listed SPAC.
- VivoPower and Tembo provide sustainable electrification solutions for fleet owners, enabling them to move toward net-zero carbon status and perpetuate useful life, reduce costs, and activate the circular economy.
- VivoPower and Tembo offer premier 100% electric solutions for ruggedized and customized fleet applications in mining, agriculture, energy utilities, defense, and other industries, aiming to meet exacting standards of safety, reliability, and quality.
Impact - Why it Matters
The news is important as it signifies a significant financial milestone for VivoPower and its subsidiary, Tembo. The investment will enable Tembo to further develop its electric utility vehicles and expand its reach in various industries, contributing to the global shift towards sustainable energy solutions. Additionally, the strategic direct equity investment demonstrates the growing interest in sustainable energy solutions and the potential for significant growth in this sector.
Summary
VivoPower International PLC has secured a full US$10 million investment in its subsidiary, Tembo e-LV B.V., from a UAE-based private investment office. The investment, backed by a member of the ruling Al Maktoum family of Dubai, will allow Tembo to obtain the full strategic direct equity investment at a pre-money valuation of US$120 million. VivoPower will continue to retain its majority stake in Tembo, which recently announced a binding heads of agreement to reverse merge into CCTS, a NASDAQ listed SPAC at an indicative equity valuation of US$838m. Tembo's electric utility vehicles (EUVs) are designed for ruggedised and customized applications for fleet owners in various industries, including mining, agriculture, and energy utilities.
Source Statement
This curated news summary relied on content disributed by News Direct. Read the original source here, VivoPower Secures Full US$10M Investment in Tembo from Emirates Investment Office
