October 2020

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

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. 

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