Investment commitment secured from private investment office backed by member of ruling Al Maktoum family of Dubai
Initial US$7.5m investment milestones previously met as part of US$10 million commitment
Tembo has now met milestones to qualify for the final follow-on investment of US$2.5 million, for an aggregate total investment of US$10 million
VivoPower is pleased to announce that its subsidiary, Tembo e-LV, has now met all the milestones to obtain the final follow-on strategic direct equity investment into Tembo, at a pre-money valuation of US$120 million.
This is pursuant to a commitment received in June 2023 from a UAE-based private investment office backed by a member of the ruling Al Maktoum family of Dubai. The investor, under the agreement terms, can exercise the option to increase its cumulative investment in subsequent closings, up to US$10 million based on milestones which have now all been met.
VivoPower will continue to retain its majority stake in Tembo. Tembo recently announced a binding heads of agreement to execute a business combination agreement with CCTS, a NASDAQ listed SPAC at an indicative pre money equity valuation of US$838m.
To read our full press release, and to keep up with all of VivoPower’s releases, visit our Press Releases page.
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