London-based VivoPower announced on Wednesday, June 28, a strategic direct equity investment in its wholly owned subsidiary, Tembo e-LV, at a pre-money valuation of $120M (approximately €109M).
Tembo has secured an initial investment commitment of $2.5M (approximately €2.2M) from a private investment office backed by a member of the ruling Al Maktoum family of Dubai.
The investor, under the agreement terms, retains the option to increase its cumulative investment in subsequent closings up to $10M. However, VivoPower will continue to retain its majority stake in Tembo.
Kevin Chin, Chairman and CEO of VivoPower, says, “We are very pleased to have secured this strategic direct investment into Tembo, underscoring what has been achieved and executed upon since its acquisition in 2020.”
“This strategic investment comes after our recently announced strategic collaboration with AL TAIF Technical Services, the UAE’s leading provider of maintenance, repair, and overhaul (MRO) services for military equipment. We will continue to deepen our ties with the UAE as we seek to service customers and partners within the local market and the surrounding region,” adds Chin.
Tembo: Offers electric utility vehicles
Tembo electric utility vehicles (EUVs) are the premier 100 per cent electric solution for ruggedised and/or customised applications for fleet owners in the mining, agriculture, energy utilities, defence, police, government, humanitarian, and game safari industries.
Tembo provides safe and high performance off-road and on-road electric vehicles.
VivoPower: Sustainable energy solutions
Based out of London, VivoPower is a sustainable energy solutions company focused on electric solutions for customised and ruggedised fleet applications. It also focuses on battery, microgrids, solar and critical power technology and services.
VivoPower’s core purpose is to provide its customers with turnkey decarbonisation solutions that enable them to move toward net-zero carbon status.
Founded in 2014, VivoPower is a certified B Corporation. It has operations in Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates.
Read the orginal article: https://siliconcanals.com/news/startups/vivopowers-tembo-gets-2-2m/
