With a new year on the horizon, we are pleased to announce that we have inked a new deal.
VivoPower and our 51% subsidiary, Tembo e-LV B.V. (Tembo), have entered into a non-binding Heads of Agreement with GB Auto Group Pty Limited and GB Electric Vehicles Pty Ltd (collectively, GB Auto), in which the New South Wales-based GB Auto will be the exclusive Australia-wide distributor of Tembo’s current core products. These include the Tembo 4×4 e-LV:
- electric Toyota Land Cruiser
- electric Toyota Hilux
- electric vehicle conversion kit.
Should Tembo offer any additional products for sale during the proposed seven-year agreement term, GB Auto will have first right of refusal for their distribution rights in Australia as well.
During the term, GB Auto has committed to purchasing at least:
- 500 conversion kits in the first year
- 2,000 total kits in the first four years, which includes the first-year commitment.
Combined with the electric vehicles, these orders would be worth an estimated USD$250 million in revenues.
Kevin Chin, our Executive Chairman and CEO said: “We are very pleased to be entering this partnership with GB Auto in Australia, given their long-established track record and reputation with their customers, who comprise some of the world’s pre-eminent mining houses.”
VivoPower will maintain and own all operating data in the Tembo products, granting GB Auto a licence to use the data to sell and service the vehicles. The company will also be GB Auto’s partner of choice for delivering sustainable energy solutions (SES), meaning we will have the right to sell, build, install, and maintain all products and services supporting Tembo e-LVs. This aligns with our three-pronged sustainable energy solutions (SES) strategy, and includes products and services related to:
- electric vehicle charging infrastructure
- battery storage
VivoPower will also be GB Auto’s preferred partner for any rental, lease, or other financing solutions for the Tembo products or above solutions.
Graeme Bensley, CEO and Founder of GB Auto said: “We believe SES to be ideally suited to the requirements of our mining sector customers. We are already witnessing strong demand from these customers for electric vehicles and are confident of the strong long-term growth outlook.”
Read the press release here.