With a new year on the horizon, we are excited 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 7-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 4 years, which includes the first-year commitment.
Combined with the electric vehicles, these orders would be worth an estimated USD$250 million in revenues.
‘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,’ said Kevin Chin, our executive chairman and CEO.
We 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. We will also be GB Auto’s partner of choice for delivering sustainable energy solutions (SES), meaning we will have the right to sell, build, instal and maintain all products and services supporting Tembo e-LVs. This aligns with our 3-pronged sustainable energy solutions strategy, and includes products and services related to:
- electric vehicle charging infrastructure
- battery storage
We’ll also be GB Auto’s preferred partner for any rental, lease or other financing solutions for the Tembo products or above solutions.
‘We believe SES to be ideally suited to the requirements of our mining sector customers in particular’, said Graeme Bensley, CEO and Founder of GB Auto. ‘We are already witnessing strong demand from these customers for electric vehicles and are confident of the strong long-term growth outlook.’
To read our full press release, and to keep up with all of VivoPower’s releases, visit our Press Releases page.