some upwards action lately
VVPR: Pick you PARTY song below, Homeboys (& Girls) --- and even 'GAY' Folks too!!! (I'm a SAD Fellow --- NOT that there's anything WRONG with that!! Thanks, Gerry Seinfeld!! O.K., I'm a little confused about all that stuff.)
VivoPower Announces Definitive Distribution Agreement to Distribute EV Fleet Charging Solutions
LONDON, May 15, 2023 (GLOBE NEWSWIRE) -- VivoPower International PLC (NASDAQ: VVPR, the “Company”) is pleased to announce that it has signed a definitive partnership agreement (“Agreement”) for VivoPower to market and distribute Vital EV Solutions (“Vital EV”) fleet charging solutions globally.
Part of the Vital Group of companies, Vital EV is a specialist UK-headquartered company, offering a comprehensive range of electric vehicle charging solutions for fleet owners and is the official re-seller of Kempower charging stations and service solutions in the UK and across Africa. Kempower, headquartered in Finland, has the fastest EV fleet charging solutions on the market including for off-highway working environment applications.
Under the Agreement, VivoPower will be able to offer to its customers and partners a wide range of EV fleet charging products and services from Vital EV and Kempower for an initial term of 3 years. These products include multi-voltage lightweight movable rapid chargers, hub-and-spoke rapid and ultra-rapid charging systems, satellite dispensers as well as conventional station chargers.
The EV fleet charging solutions will be offered by VivoPower to complement Tembo’s EV conversion kits, which transform new and second-hand diesel-powered 4x4 Land Cruiser and Hilux vehicles into ruggedised EUVs for use in many sectors, including mining, infrastructure, government agencies, humanitarian, tourism, and agriculture. Tembo EV conversion kits are a key component of VivoPower’s turnkey sustainable energy solutions, designed to help corporate customers accelerate towards their net-zero carbon goals and to achieve cost savings.
Kevin Chin, VivoPower’s Executive Chairman and Chief Executive Officer, said:
“VivoPower’s purpose is to generate sustainable energy solutions to help our customers and our planet. This partnership will allow VivoPower to bundle ancillary charging solutions for our fleet owning customers and partners who are seeking to electrify their fleets with the Tembo EV conversion kits. Vital EV’s solutions are differentiated from others in the market in that they offer satellite remote charging, off-road and ruggedised charging, as well as both DC and AC charging. This is highly relevant for some of the use cases of our customers, including for off-road and remote conditions.”
Alex Rae, Vital EV’s Director and General Manager, said:
“Vital EV are delighted to announce that VivoPower is set to become our partner as we extend the geographical reach of our highly reliable and future-proofed EV rapid charging solutions. VivoPower’s integrated focus on turnkey solutions complements our own objectives, which are to ensure all customers are supported with full product life-cycle services to ensure uptime and availability of critical charging infrastructure.”
Tembo and Toyota Motor Corporation Australia Limited ("Toyota Australia") have now concluded the Design Services Agreement with Toyota Australia for the LandCruiser 70 Series. VivoPower and Toyota Australia will each continue to explore opportunities as part of their commitments to a sustainable future.
VivoPower has secured further bridge financing from its major shareholder, AWN Holdings Limited ("AWN") of US$3 million, which will be used for Tembo's growth, including the engineering, assembly and delivery of conversion kits. AWN has also agreed to amend the loan and bridge financing facilities terms so as to extend the repayment date by 18 months to 1 April 2025.
Tembo has secured a strategic investment from a sustainability focused family office investor in the UAE, with an initial investment of up to €2 million to close by 31 March 2023. VivoPower will continue to retain a majority shareholding in Tembo.
242 full time employees, focused on battery storage, electric solutions for customized and ruggedized fleet applications, solar and critical power technology and services. The firm segments include critical power services, electric vehicles, sustainable energy solutions (SES), solar development and corporate office. Critical Power Services is represented by its wholly owned subsidiary Aevitas, which operate in Australia with a focus on the design, supply, installation and maintenance of critical power, control and distribution systems, including for solar farms. Electric Vehicles is represented by Tembo is a battery-electric and off-road vehicle company that designs and builds ruggedized light electric vehicle solutions for mining, infrastructure, utilities, and government services sectors. SES is the design, evaluation, sale and implementation of