VivoPower is excited to ring in the New Year with a new look!
Check out our new website, now featuring more information on how our sustainable energy solutions―including Tembo eLV, B.V. electric vehicles, solar systems, batteries, and critical power services―can work for you and your business.
Visit here.
With a new year on the horizon, we are pleased to announce that we have inked a new deal.
VivoPower and our 51% subsidiary, Tembo e-LV B.V. (Tembo), have entered into a non-binding Heads of Agreement with GB Auto Group Pty Limited and GB Electric Vehicles Pty Ltd (collectively, GB Auto), in which the New South Wales-based GB Auto will be the exclusive Australia-wide distributor of Tembo’s current core products. These include the Tembo 4×4 e-LV:
Should Tembo offer any additional products for sale during the proposed seven-year agreement term, GB Auto will have first right of refusal for their distribution rights in Australia as well.
During the term, GB Auto has committed to purchasing at least:
Combined with the electric vehicles, these orders would be worth an estimated USD$250 million in revenues.
Kevin Chin, our Executive Chairman and CEO said: “We are very pleased to be entering this partnership with GB Auto in Australia, given their long-established track record and reputation with their customers, who comprise some of the world’s pre-eminent mining houses.”
VivoPower will maintain and own all operating data in the Tembo products, granting GB Auto a licence to use the data to sell and service the vehicles. The company will also be GB Auto’s partner of choice for delivering sustainable energy solutions (SES), meaning we will have the right to sell, build, install, and maintain all products and services supporting Tembo e-LVs. This aligns with our three-pronged sustainable energy solutions (SES) strategy, and includes products and services related to:
VivoPower will also be GB Auto’s preferred partner for any rental, lease, or other financing solutions for the Tembo products or above solutions.
Graeme Bensley, CEO and Founder of GB Auto said: “We believe SES to be ideally suited to the requirements of our mining sector customers. We are already witnessing strong demand from these customers for electric vehicles and are confident of the strong long-term growth outlook.”
Read the press release here.
We are pleased to announce that Gemma Godfrey―a serial entrepreneur with global board experience in financial services, technology, media, public policy, and sustainability, as well as a degree in quantum physics―today joins our Board of Directors.
Kevin Chin, our Executive Chairman and CEO said: “Gemma brings a really unique mix of skills and experience. With a track record of building and advising fast-growing companies, her knowledge and expertise will be invaluable as we continue to hyperscale our electric vehicle and sustainable energy solutions offerings.”
Along with her extensive experience, Gemma was Founder and CEO of an award-winning fintech company enabling digital investing, served as Head of Investment Strategy at wealth management firm Brooks Macdonald, and advised Arnold Schwarzenegger in “The Apprentice” boardroom. During her tenure as CEO, she was named to the Innovate Finance “Standout 35” Women in the FinTech Power list. The company, which was later acquired by FTSE 250 insurance group JLT, also earned “Best Startup” at the Digital Entrepreneur Awards.
Based in London, Gemma has also served as an advisor to the UK government on its 10-year strategy to improve financial wellbeing country-wide. This complements her work launching The Times Money Mentor, a digital media business that helps consumers make smarter financial choices.
Gemma Godfrey, upon her appointment, commented: “I’m thrilled to join a company certified as “using business as a force for good” as it continues to accelerate its growth and harness the power of digital transformation. We can all understand the need to cut energy costs, improve efficiency, and help the planet. VivoPower’s electric vehicles and sustainable energy solutions help its customers to do just that.”
Gemma began her career at Goldman Sachs and later was responsible for Latin American investments at GAM. Currently, she:
Given Gemma’s track record in helping businesses achieve their strategic goals, we are eager to collaborate and execute on our hyperscale efforts.
Read the press release here.
The Energy and Mines Virtual World Congress is just a few days away. Visit our virtual booth and check out our content pod, "Decarbonising Material Movement" to learn how our Tembo e-LV and other sustainable energy solutions can power your mining operations while reducing your carbon footprint.
To read more on this, head here.
VivoPower Reports Unaudited Financial Results For the Six Months Ended December 31, 2019
VivoPower comprises one of the largest solar project portfolios in the United States, solar development projects in Australia as well as a fast growing Australian critical power services group, Aevitas (which comprises two businesses, J.A. Martin and Kenshaw). The VivoPower business has not been without challenges, which we have documented in the past, read more on that, here.
The exceptional turnaround was fuelled by Aevitas, the critical power services group that was once considered an “unfixable write off” by a number of former stakeholders. In fact a former chairman strongly advocated to place the group into voluntary administration a few years ago. However, following a strategy transformation initiated by Arowana and with focussed execution, especially in the last 12 months, Aevitas is becoming another #hyperturnaround out of the Arowana stable of companies. This unfixable writeoff has now completed its turnaround phase and is experiencing a new set of challenges, associated with hypergrowth businesses.
However, as Arowana parachuted in to support the management team, together we were able to execute on this #hyperturnaround, and this period, the VivoPower group delivered the following key results:
VivoPower Australia also contributed to the result by successfully monetising the Sun Connect solar portfolio, comprised of 53 operating solar projects, representing a 2.0x multiple on invested capital and an unlevered IRR of 20.1% before tax.
The Aevitas group is now focused on building its forward order book and growing its business development pipeline across a range of new industry sectors with significant growth tailwinds, including solar, data centres, and healthcare to further drive sustainable growth.
VivoPower is also executing on its strategy to drive value maximisation in relation to its U.S. solar project portfolio with a view to monetization. This includes discussions with the joint venture partner to enable VivoPower to take control of the joint venture.
Kevin Chin, Arowana CEO and VivoPower’s Chairman, stated: “We have had to overcome a myriad of challenges for VivoPower since its IPO. The focus, dedication and resilience of the leadership team over the past 12 months has been key to the strong turnaround and growth of VivoPower, particularly in Australia. Our objective now is to build on the base that we have created and continue to scale up the business in a sustainable and profitable manner. In addition, we remain very focused on driving value creation for our US solar portfolio with a view to maximising proceeds from monetisation. This will then pave the way to consideration of a strategic pivot at the appropriate time, as previously flagged.”
Read the full VivoPower story here.
Read the press release here.
VivoPower is pleased to announce that it has sold its remaining Sun Connect portfolio of operating solar projects for A$1.6 million. Over the life of VivoPower’s investment, the sale represents a 2.0x multiple of invested capital and an unlevered IRR of 20.1% before tax.
The company is equally gratified that its Australian critical power services business, J.A. Martin Electrical Pty Ltd, has been awarded two additional contracts for solar farm construction worth A$4.4 million.
To review a copy of the VivoPower announcement, please click on the link below.
The VivoPower turnaround process continues to gather momentum, with a significant increase in the forward order book across the Aevitas business units in Australia, Kenshaw and J.A.Martin, to another new all-time record high of A$75m. This represents an increase of over 100% in a year, with expectations that this will be realised over the next 12 months.
Executive Chairman Kevin Chin noted: “The turnaround process is largely complete with respect to the Aevitas business units, and they have entered a scaling up growth phase. The growth momentum these businesses have today is pleasing, especially given that both businesses were facing declining growth and margins back in 2015. The strong growth outlook today, not just in revenue terms but also margins, is a result of a strategic pivot we initiated three years ago with a push into new markets across solar power, data centres, hospitals, and other infrastructure segments of the market. Both businesses now have a diverse and growing base of customers across different industries, with increasing repeat business from customers. In addition, the recruitment of growth-minded leaders to the business units has been key.”
In addition, Kevin said: “Separately, on the US front, VivoPower has initiated a strategic pivot with respect to the objective of maximising value of its US solar project portfolio and is executing on this strategy.”
VivoPower has partnered with IT Power (Australia) Pty Ltd to jointly develop a portfolio of utility-scale ground-mounted solar projects in New South Wales.
VivoPower International PLC (Nasdaq: VVPR) (VivoPower), a global solar power company, is pleased to announce that its wholly-owned subsidiary in Australia, VivoPower Pty Ltd (VivoPower Australia) has entered a partnership with IT Power (Australia) Pty Ltd (ITP) to jointly develop a portfolio of utility-scale ground-mounted solar projects in New South Wales, with an initial aggregate capacity of at least 50 MW and the opportunity to add additional capacity over time. VivoPower and ITP intend to design, contract, finance, and construct each project on a rolling basis.
VivoPower has demonstrated a successful track record with utility-scale solar projects, having developed, constructed, and financed projects representing more than 90 MW of generating capacity over the past two years.
Carl Weatherley-White, Chief Executive Officer of VivoPower, said: “VivoPower is excited about this major solar development initiative in the New South Wales market, which represents a significant expansion of our Australian footprint, and is also highly complementary to the solar initiatives of our subsidiary, Aevitas. We are very pleased to be working with ITP, a highly successful and respected partner with demonstrated experience in the Australian renewables market.”
Simon Franklin, Managing Director of ITP, added: “ITP is delighted to be working closely with VivoPower on this exciting enterprise. VivoPower has been highly successful with their international solar farm development projects and combined with our extensive local experience in the Australian energy market, we are confident of success.”
About VivoPower
VivoPower is an international solar power producer and storage company that develops, builds, and operates projects on a global basis in a capital-efficient manner. VivoPower does this by aggregating photovoltaic (PV) solar projects underpinned by long-term power purchase agreements, arranging corporate and project financing, engineering, design, and equipment procurement as well as managing the construction and development of such solar PV projects.
About IT Power Australia Pty Ltd
Established in 2003, ITP is a renewable energy consulting and engineering company working on projects of all sizes for governments, corporations, aid agencies, and energy providers in Australia. As part of the wider ITP Energised Group, one of the first consultancies to bring together specialists in renewable energy, energy efficiency, and carbon markets, ITP draws on more than three decades of experience delivering thousands of renewable energy projects around the globe. Within the ITP Energised Group, ITP leads work in the Australian and Asia-Pacific region and works globally with ITP Energised Group partners.
VivoPower International PLC (Nasdaq: VVPR) (VivoPower), a global solar power company, is pleased to announce that its wholly-owned subsidiary in Australia, Aevitas Group Limited (Aevitas), has been awarded a significant contract for the engineering, design, procurement, and construction of the 3.6 MW Cubbie Solar Project near Dirranbandi in Queensland, Australia. The project will be owned by a wholly-owned subsidiary of Cubbie Ag (Cubbie), the largest cotton producer in Australia, and will produce electricity to help power Cubbie Station, the largest irrigation property in the Southern Hemisphere.
J.A. Martin Electrical Pty Limited (J.A. Martin), a division of Aevitas, is responsible for project delivery. The project is expected to generate enough electricity to supply 40% of Cubbie’s energy needs at Cubbie Station during the peak cotton ginning season, which runs from April to September. It is also the first phase of a longer-term plan to expand to 7.2 MW and will also include battery storage. Construction is scheduled to begin in October 2018, with expected commercial operation by December 2018.
Carl Weatherley-White, Chief Executive Officer of VivoPower, said: “We are very pleased to have achieved this significant milestone in our strategy to offer holistic solar and battery storage solutions to commercial, industrial, and government customers in Australia. This important contract is further confirmation of the strong growth outlook for Aevitas from solar and other tailwind drivers in Australia.”
Phil Lowbridge, General Manager of J.A. Martin Electrical Pty Limited (J.A. Martin), said: “Technical advances continue to drive the competitiveness of solar power generation and battery storage, and we have seen increased interest from our customers for similar solutions.”
About VivoPower
VivoPower is an international solar power producer and storage company that develops, builds, and operates projects on a global basis in a capital-efficient manner. VivoPower does this by aggregating photovoltaic (PV) solar projects underpinned by long-term power purchase agreements, arranging corporate and project financing, engineering, design, and equipment procurement as well as managing the construction and development of such solar PV projects.
About Aevitas
Aevitas is a wholly-owned subsidiary of VivoPower in Australia. Aevitas provides critical energy infrastructure generation and distribution solutions including the design, supply, installation, and maintenance of power and control systems, with an increasing focus on solar, renewable energy, and energy efficiency. Founded in 1968, J.A. Martin is a division of Aevitas that specializes in delivering industrial and electrical engineering and power services, including solar engineering design, procurement, and construction (EPC).