October 2020

VivoPower Signs Definitive Agreement to Acquire 51% of Tembo e-LV

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

As they complete this exciting acquisition, Tembo will play an integral role in VivoPower's sustainable energy solutions (SES) platform.  

Tembo’s expertise suits VivoPower's accelerated SES roll out 

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

The VivoPower team look forward to working even more closely with the Tembo team in scaling up its capacity to deliver customised and/or ruggedised commercial fleet electrification solutions.  This acquisition will enable the VivoPower team to accelerate the roll out of our sustainable energy solutions offering, 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 United States, 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 will remain with the company to oversee this. 

"VivoPower’s investment will allow us to build capacity to meet pent up demand from our customers and improve efficiencies of scale," said Daams. "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."

VivoPower will also have the option to acquire the remaining 49% of Tembo in the future. The transaction is subject to standard closing conditions, including capital structuring and funding mix requirements. 

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