VivoPower signs definitive agreement to acquire 51% of Tembo e-LV

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We are proud to share that VivoPower signed a definitive agreement and is moving forward with the USD$4.7 million acquisition of Tembo e-LV B.V., a Netherlands-based specialist electric battery and off-road vehicle company.

This exciting acquisition confirms Tembo’s integral position in VivoPower’s sustainable energy solutions (SES) platform.  

Tembo’s expertise suits VivoPower’s accelerated SES rollout 

Tembo designs and develops a comprehensive fleet of customised electric vehicles (EVs), often for rugged applications. It services a diverse range of sectors from mining, infrastructure, and utilities to government services, game safaris, and humanitarian aid. 

Given that VivoPower’s established customer base in mining, infrastructure, and utilities are some of Tembo’s core markets, it is eager about the prospects this acquisition presents. The company’s customers are already seeking unique opportunities to reduce their energy costs, increase productivity, and become more sustainable in the long-term. With Tembo, VivoPower can now offer them the compelling option to electrify their fleets. 

The VivoPower and Tembo teams look forward to working even more closely to scale up their capacity to deliver customised and/or ruggedised commercial fleet electrification solutions.  Tembo will enable VivoPower to accelerate the rollout of its sustainable energy solutions (SES) offerings, with an initial focus on the mining, infrastructure, and utilities sectors globally.

Our analysis of publicly available industry data indicates that the acquisition could triple our global addressable light vehicle (LV) fleet market to USD$36 billion in the markets where Tembo is currently active. That estimate does not include Asia, South America, or the US, which could represent even further potential.  

Tembo will transform growth trajectory 

Under the agreement, delivering EVs will become a pillar of VivoPower’s SES business.

Tembo Founder and CEO Frank Daams noted: “VivoPower’s investment will allow us to build capacity to meet pent-up demand from our customers and improve efficiencies of scale. Given that the Tembo and VivoPower teams have already started working together on customer requests for proposals, we believe that this will translate into a growing order book.”

While Frank remains with Tembo to oversee its growth, VivoPower has the option to acquire the remaining 49% in the future. The transaction is subject to standard closing conditions, including capital structuring and funding mix requirements. 

Read the full press release here.

About VivoPower

VivoPower is an international battery technology, electric vehicle, solar and critical power services company whose core purpose is to deliver sustainable energy solutions to its customers. VivoPower is a certified B Corporation and has operations in Australia, the United States, Canada and the United Kingdom.

Forward-Looking Statements

This communication includes certain statements that may constitute “forward-looking statements” for purposes of the United States federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the completion of the Tembo acquisition, the anticipated benefits of the Tembo acquisition, and the related potential global addressable market. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.


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