Arowana’s B Corp holding company will provide a succession and ownership transition pathway for B Corp founders seeking to exit but retain the ethos of their businesses
Investment focus will initially be on the ASEAN region but in time look to expand to other developing economies across the MENA and Latin American regions with large and growing populations
Arowana, the global B Corporation investment group, announced today that it has launched a holding company headquartered in Singapore to specifically invest in companies committed to the B Corp triple bottom line of People, Planet, and Profit across the ASEAN (Association of Southeast Asian Nations) region.
The primary purpose of this holding company, AIC Group Holdings, is to provide companies that are B Corp or want to become B Corp with an ownership succession pathway, which will respect and perpetuate the B Corp ethos and culture instilled by their founders. AIC Group Holdings is privately held.
In tandem with the launch of the holding company, Arowana has appointed Andrew Kassoy, co-founder of B Lab Global, the non-profit behind the B Corp movement, to the Advisory Board of AIC Group Holdings. In addition, Thomas Ng, a leading B Corp entrepreneur and founder of Genashtim, a fast-growing global social enterprise, has agreed to join the Advisory Board.
Arowana founder and chairman, Kevin Chin, commented: “We have been working on optimising a structure for two years and believe a holding company that has no restrictions in terms of investment entry and exit horizons is the best model that matches the succession and growth objectives of B Corp founders and their businesses. As a B Corp ourselves, we appreciate the dilemma that founders face in this regard. We consider Singapore to be the ideal headquarters for this holding company as we see many enterprises across the fast-growing ASEAN region that would be a good fit. This is consistent with Arowana’s broader strategy of pivoting our focus to developing markets across ASEAN and, in due time, Africa and Latin America with large and growing populations and economies.”
He further added: “I am honoured that two luminaries of the B Corp movement, Andrew Kassoy and Thomas Ng, have agreed to join the Arowana holding company advisory board members. Not only are Andrew and Thomas great stewards, but also world-class entrepreneurs who have led the scale-up of high-growth global enterprises. We expect to announce further additions to the advisory board and the holding company team in due course. Meanwhile, our team is already in exclusive due diligence processes on four proprietary investment opportunities in the ASEAN region that have come about because of Arowana’s veritable commitment to the B Corp ethos.”
Andrew Kassoy, co-founder of B Lab Global, commented: “Since the earliest days of the B Corp movement, we have seen first-hand the issues of succession and ownership transition faced by B Corp founders, especially when deliberating on acquisition proposals from non-B Corp entities. I am excited to join the Arowana B Corp holding company advisory board as I share the vision that Kevin Chin has in creating a permanent capital holding company structure with a genuine B Corp ethos that provides a compelling option for B Corp founders exploring succession and exit.”
Thomas Ng, B Corp steward and founder, said: “Having known Kevin Chin for some time and seeing first-hand his steadfast commitment to the B Corp values and mission, I am delighted to be joining the Arowana B Corp holding company advisory board. Across Genashtim’s operations in the ASEAN, African and Latin America regions, we see many businesses that the Arowana B Corp holding company would represent an attractive alternative to consider for succession and ownership transition.”
Arowana'sCircle of Leadership (COL) 54 brought together thought leaders and experts in their field to discuss the most salient challenges and opportunities shaping industries and economies today.
From impact-driven innovation by Thomas Ng, Founder & CEO of Genashtim, to sustainability solutions by John Ephraim Torres (Jet), Global Venture Development Manager at Arowana, the event sparked insightful conversations.
Simon Ogus, Founder & CEO of DSG Asia, discussed the macroeconomic outlook on a potential U.S. recession, while David Mansfield, former CFO of Vinfast, shared insights into IPOs and SPACs in the U.S. capital markets.
Rob Foster, CEO of Geminum, explored the transformative power of Digital Twins and AI in today’s business landscape.
The Green Antz team recently partnered with Colgate-Palmolive to build a new handwashing station in Quezon City. Made using GA's own eco-bricks and sustainable ‘greenite’ materials, the installation provides an excellent opportunity for residents to stay safe and healthy by keeping their hands clean.
Arowana Impact Capital supports Green Antz in its commitment to creating a cleaner and greener future for Filipinos through corporate social responsibility.
VivoPower subsidiary, Caret Digital, to be spun off via a direct Nasdaq listing
VivoPower shareholders as of a future record date, to receive 5 Caret Digital dividend shares per VivoPower share held
Implied market capitalisation of $250m (subject to change depending on market conditions and quantum of capital raising)
Caret Digital to focus on Dogecoin (DOGE) mining with BTC conversion to optimize returns and yield
VivoPower announced today that it has engaged advisors to support in executing its plan to spin off its subsidiary, Caret LLC (Caret Digital), through a direct listing on the Nasdaq Stock Market.
The decision to effectuate a spin off via a direct listing rather than a reverse merger is based on expediency and efficiency in relation to cost and timeline, as well as the ability to more readily distribute dividend shares to VivoPower shareholders. Furthermore, this avoids the complexities of a reverse listing into a Canadian or other non-Nasdaq listed shell company as previously considered.
It is proposed that VivoPower shareholders as at a future record date, will be entitled to receive five (5) shares of Caret Digital for each VivoPower share held. The implied market capitalisation is $250m (which is subject to change based on market conditions and other factors). Additionally, Caret Digital intends to raise $10 million from strategic investors as part of the transaction to support growth plans.
Caret Digital’s strategy will initially focus on cryptocurrency mining, with an emphasis on mining Dogecoin (DOGE) as previously announced. Leveraging DOGE mining economics, the company will convert mined DOGE into Bitcoin (BTC), securing BTC at an effective discount (based on current DOGE mining economics), which will then allow it to execute on strategies to optimise BTC yield and returns.
The spin-off plan was previously approved by VivoPower shareholders at the Company’s Annual General Meeting held in December 2023. Furthermore, at the Annual General Meeting in December 2024, shareholders authorized the Company to proceed with mergers or divestments, as deemed appropriate, in alignment with the Company’s strategic objectives.
As part of the planned spin-off, there can be no assurances that VivoPower will consummate the proposed transaction on the terms currently contemplated, or at all, as it will be subject to market conditions.
To read our full press release, and to keep up with all of VivoPower’s releases, visit the Press Releases page.
5-year agreement targeting 200 vehicle conversions in first year and 1,600 over five years
Provides local sales, service, and maintenance, further boosting Tembo’s position in the East African market, a population exceeding 500 million people
AVA’s vehicle assembly facilities have the capacity to assemble 30,000 vehicles per annum
AVA currently assembles vehicles for leading OEMs including Toyota, Fuso, Proto, Hino, Mahindra, Scania, Tata, Volvo and Daewoo
Established in 1975, AVA is the only assembler in the region to have achieved IATF16949 Certification
VivoPower announced today that its subsidiary, Tembo e-LV, has signed a Heads of Agreement with Associated Vehicle Assemblers (AVA), East Africa’s market-leading vehicle assembler.
The Agreement covers Kenya, Tanzania, and other East African nations. With a population exceeding 500 million people, East Africa is the largest sub-region in Africa and home to the United Nations headquarters for Africa.
Under the terms of the Agreement, AVA is empowered to both distribute and locally assemble Tembo’s 100% electric utility vehicle (EUV) solutions across East Africa for customers in the mining, agriculture, energy, safari, non-government organisation (NGO), defence, and government sectors. Crucially, it provides customers and partners in the East African region with local maintenance and support capabilities. This Agreement augments a previous partnership agreement that Tembo signed with ETC Group in relation to Kenya specifically.
The Agreement reflects both companies’ commitment to supporting Kenya’s transition to sustainable transportation and creating value and jobs in local economies across East Africa.
“We are seeing an acceleration in demand for electric vehicles across East Africa, from both government and private sector companies,” stated Matt Lloyd, CEO of AVA. “Having conducted an expansive review of electric conversion companies, we selected Tembo based on their experience, their cultural adaptability as well as the fact they have the most competitively priced products and solutions which also meet our quality and safety standards. Our team is excited to welcome Tembo’s engineers to Kenya in April 2025 as we kickstart the first assemblies for the Kenya market.”
“With the new and reduced pricing for our next-generation EUV25 electric conversion kits, we have seen a surge in interest from new and existing customers and partners. This is a direct consequence of Tembo’s strategy to diversify and strengthen its supply chain which has translated into a significant reduction in costs, without sacrificing quality and safety,” commented Matthew Nestor, Tembo’s Head of Partnerships and Sales. We are delighted to have been selected to partner with AVA, who are the pre-eminent vehicle assembler in East Africa.”
Kevin Chin, Executive Chairman and Chief Executive Officer of VivoPower, stated, “We are honoured to be partnering with AVA. This is part of a considered and patient strategy we have been executing upon globally to identify and build partnerships with long-established and credible leaders in their respective markets who are genuinely aligned in terms of values and like us, have a long-term commitment to deliver electrification solutions and transformation to entire nations.”
To read our full press release, and to keep up with all of VivoPower’s releases, visit the Press Releases page.
About AVA
Associated Vehicle Assemblers Ltd. (AVA) is East Africa’s leading vehicle assembler, with decades of experience in producing high-quality vehicles tailored to meet the unique needs of the region. Based in Mombasa, AVA has established itself as a trusted partner for global automotive brands, providing state-of-the-art assembly services and technical expertise. AVA’s commitment to quality, innovation, and sustainability has made it a key player in Kenya’s automotive industry, driving economic growth and supporting the transition to more sustainable transport solutions. As a pioneer in the region, AVA continues to lead the way in assembling vehicles that meet the highest global standards while catering to local market demands.
Southeast Asia is emerging as a key battleground for impact capital in 2025, as investors sharpen their focus on climate resilience, financial inclusion, and gender-smart investments.
The latest data from the Global Impact Investing Network indicates that 90% of Asia-focused impact investors are meeting or exceeding their return expectations, fuelling further capital inflows into the region. Nearly half of global investors surveyed plan to increase their ASEAN allocations this year.
Private capital has long underpinned Asia’s economic growth, financing industrialisation, infrastructure, and technology. But as environmental and social pressures intensify, the conversation is shifting from sheer expansion to sustainable, high-quality development.
Impact investing is now at the forefront of this evolution, aligning private capital with national growth strategies to ensure long-term, inclusive prosperity.
The Green Gold Rush: Climate Tech and Renewable Energy
With ASEAN nations under increasing pressure to decarbonise, the transition to net-zero is no longer a distant ambition but an urgent priority. Governments are tightening environmental policies, investors are demanding more rigorous ESG adherence, and the region’s vulnerability to climate shocks is forcing a recalibration of risk and opportunity.
Climate tech and renewable energy are set to dominate investment flows. Solar, wind, and hydro projects are attracting capital, alongside innovations in energy efficiency and climate-resilient infrastructure. Sustainable agriculture is also drawing investor interest as the intersection of food security and environmental sustainability becomes increasingly apparent.
Gender Lens Investing: Bridging the Gap
The shift towards gender-smart investing is accelerating, as financial markets increasingly recognise that investing in women is not just a social imperative but a business opportunity. Backed by a growing body of data linking gender equity to economic resilience, investors are integrating a ‘gender lens’ across their portfolios.
Capital is flowing into enterprises that enhance women’s access to education, healthcare, and financial services. Women-led startups, particularly in fintech, are attracting investment for solutions that improve financial literacy and expand access to banking and credit. The result is a more inclusive economy that fully leverages ASEAN’s workforce potential.
Transparency and Accountability: The New Standard for Impact Investing
Impact investing is moving beyond broad commitments to measurable, verifiable outcomes. Investors are demanding rigorous reporting and standardised frameworks to assess the tangible social and environmental impact of their portfolios.
Adoption of metrics aligned with the Impact Management Project (IMP) and the UN Sustainable Development Goals (SDGs) is gaining traction, while technology is playing an increasingly critical role. Data analytics and blockchain are emerging as tools to enhance impact tracking and verification, ensuring greater transparency and comparability across investments.
Local Impact Funds and Entrepreneurial Ecosystems: Building from Within
ASEAN’s impact investment ecosystem is maturing. A wave of homegrown funds, incubators, and accelerators is stepping up to support early-stage social enterprises with both capital and strategic expertise.
Governments and private sector leaders are playing an active role in strengthening entrepreneurial talent and crafting policies that incentivise impact-driven business models. The rise of impact-focused co-working spaces, accelerator programmes, and blended finance initiatives is reinforcing the momentum, positioning local entrepreneurs as critical drivers of sustainable development.
Impact Investing in ASEAN: From Niche to Mainstream
Impact investing in ASEAN is transitioning from a niche segment to a fundamental pillar of economic strategy. As investors double down on climate tech, financial inclusion, blended finance, and gender-focused initiatives, private capital is emerging as a decisive force in shaping the region’s future.
Challenges remain, from the need for more standardised impact metrics to regulatory frameworks that support long-term sustainable investments. But the trajectory is clear: the region is moving beyond viewing impact investing as an ethical choice and recognising it as a powerful engine for financial and societal returns.
Those who navigate this shift effectively will find themselves not only on the right side of history – but on the right side of the balance sheet as well.
Delivery of 25 Tusker vehicles includes next gen model with upgraded cruise control, safety and multimedia features from February 2025
All 25 vehicles have been allocated due to strong demand from customers and partners
Tembo is working with fleet owners to assist them in securing the NSW government fleet incentive of up to A$15,000 per vehicle
Tembo Tuskers offer the best value for money homologated 100% electric utility pick-up truck in AustraliaTuskers come with a 3-year warranty, 8 year battery warranty from CATL, the world’s largest battery company
VivoPower announced today that its subsidiary, Tembo e-LV, has been advised that it will receive shipment of 25 Tusker full electric utility vehicles into Sydney, Australia before the end of February 2025. Tembo will subsequently be able to deliver Tuskers to customers and partners.
The Tusker batch includes the next generation model which has upgraded features, including EPB (electronic park braking), Uphill Drive assistance, Fixed Speed Cruise Control, Bluetooth Car Phone, 12.3-inch Centre Console screen interface as well as AEBS and the popular V2L (vehicle 2 load feature).
The Tembo Tuskers offer the best value for money 100% electric utility pick-up trucks in Australia and comes with a 3 year OEM warranty and 8 year battery warranty from CATL, the world’s largest battery company. The Tusker received full Australian Federal Government on road homologation vehicle type approval (VTA) approval in November 2024, following a rigorous testing and evaluation program by independent Australian Federal Government approved inspectors. VTAs are a critically important regulatory milestone in the Australasian pick-up truck market, which is estimated to be approximately US$10 billion. Without VTAs, vehicles are not considered homologated and cannot be legally driven on public roads across. They are crucial for ensuring that vehicles, including EVs, meet essential safety, environmental, and anti-theft standards before hitting the road. Under the Road Vehicle Standards (RVS) legislation, these approvals – managed by the Department of Infrastructure, Transport, Regional Development, and Communications – verify that EVs comply with stringent national regulations covering design, construction, and performance. As EV adoption accelerates, VTAs become vital in regulating new fully electric vehicle models in the market. They address unique EV-specific standards, such as battery safety and charging capabilities, helping manufacturers demonstrate compliance with local regulations.
For the full version of the article, visit the VivoPower Press Releases page.
The investment commitment is in the form of a share subscription facility from GEM Global Yield LLC SCS (“GGY”) and is subject to a separate listing of Caret Digital on a Canadian stock exchange
GGY’s shareholding will be capped at 9.9%
Funds will be invested at the Caret Digital subsidiary level and hence non-dilutive for VivoPower shareholders
Funds from the investment will be used to execute upon Caret Digital’s Power-to-X strategy (“P2X”) which seeks to activate the highest and best use cases for renewable power capacity
First phase of Caret Digital’s P2X strategy is building out capacity including data centre infrastructure for DOGE coin mining
Second phase of Caret Digital’s P2X strategy is AI enabled data centres
DOGE coin mining is consistent with Caret Digital’s Power-to-X strategy that seeks to activate the highest and best use cases for renewable power capacity
VivoPower announced today that its wholly owned subsidiary, Caret LLC. (Caret Digital), has secured a CAD$140m (approximately US$100m) definitive and binding investment commitment from Luxembourg headquartered alternative investment group, GGY.
Proceeds from the investment will be used to execute on and build out Caret Digital’s Power2X strategy, including in its first phase, the mining of DOGE coin, as well as for working capital and general corporate purposes.
VivoPower shareholders had previously approved a spin-off of Caret Digital, in whole or part, as well as a special dividend during the Annual General Meeting held in December 2023. The Company will provide further updates in relation to the progress of the spin off via a reverse merger and the consequences for VivoPower and its stakeholders, including any special dividend shares for VivoPower shareholders.
For the full version of the article, visit the VivoPower Press Releases page.
About GEM
Global Emerging Markets (GEM) is a $3.4 billion alternative investment group with offices in Paris, New York, and Nassau (Bahamas). GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 580 transactions in 70 countries. Its family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities, and select venture investments.
VivoPower ranks in the top impact companies globally for the 5th year in a row
From 2025 onwards, Real Leaders Top Impact Companies competition rules apply a stricter criteria
Recognition reflects VivoPower’s commitment to its core purpose and status as a leading B Corp
VivoPower is pleased to announce its inclusion in the prestigious Real Leaders Top Impact Companies for 2025. This accolade recognises VivoPower’s unwavering commitment to driving positive change through innovation, environmental stewardship, and social responsibility.
As a certified B Corporation, VivoPower operates at the intersection of purpose and profit, demonstrating that businesses can thrive while making a measurable difference in the world. The Real Leaders award underscores VivoPower’s leadership in creating impactful solutions that address some of the most pressing global challenges, including climate change and energy equity.
Setting a New Standard for Purpose-Driven Business
This year’s competition saw over 300 qualifying applications from more than 15 countries, evaluated on growth, revenue, and the six pillars of I.M.P.A.C.T.: Intention, Model, People, Accountability, Collaboration, and Transformation.
With stricter criteria—including a higher revenue threshold and more rigorous impact evaluations—this year’s ranking spotlighted companies that lead with authenticity and purpose.
“It seems like every company is calling themselves an impact company these days,” Kevin Edwards, President of Real Leaders, said. We wanted to spotlight businesses that are genuinely dedicated to making a difference. By incorporating CEO interviews and community-driven impact evaluations, we ensured that only the most deserving organisations made the list. The top-scoring finalists in each category will share their best practices at Real Leaders UNITE 2025, inspiring better leaders for a better world.”
Redefining Energy for a Sustainable Future
At VivoPower, sustainability is more than a mission—it’s a responsibility. The company specialises in providing sustainable energy solutions encompassing electric vehicle fleet solutions, renewable energy systems, and energy storage solutions, that empower communities and businesses to transition to clean energy sources. By focussing on reducing carbon footprints and enhancing energy efficiency, VivoPower aims to contribute to a more sustainable and equitable energy ecosystem globally.
“We are honoured to be recognised for another year as one of the Real Leaders Top Impact Companies for 2025,” Kevin Chin, Executive Chairman of VivoPower, said. “This award is a testament to our team’s steadfast commitment to advancing sustainable energy solutions that not only address today’s challenges but also create long-term value for future generations.”
Certified B Corporation: A Commitment to Excellence
VivoPower’s certification as a B Corporation highlights its rigorous standards of social and environmental performance, accountability, and transparency. This distinction aligns seamlessly with the Real Leaders’ vision of celebrating companies that are making a meaningful impact.
B Corps are redefining success in business, prioritising purpose alongside profit. For VivoPower, this means integrating sustainability into every aspect of its operations—from sourcing materials responsibly to designing products that maximise efficiency and minimise waste. VivoPower’s recognition by Real Leaders further validates its efforts to balance profitability with its commitment to people and the planet.
A Collective Vision for Impact
The Real Leaders Top Impact Companies list represents a global community of changemakers united by a shared vision: to create a better world through business. VivoPower’s inclusion in this distinguished group reflects its position as a leader in the sustainable energy sector and its influence in driving systemic change.
VivoPower is inspired by the achievements of its fellow honourees and remains committed to collaboration and innovation. By sharing best practices and fostering partnerships, VivoPower aims to amplify its impact and accelerate the transition to a greener economy.
To read our full press release, and to keep up with all of VivoPower’s releases, visit the company's Press Releases page.
About Real Leaders
Real Leaders is the fastest-growing community for impact-driven leaders, supported by a global media platform that advocates for purpose-driven business. Founded in 2010, Real Leaders promotes responsible leadership that prioritises employees, society, and the planet alongside profit. An independently owned Certified B Corporation and member of the UN Global Compact, Real Leaders is on a mission to unite farsighted leaders to transform our shortsighted world.
Arowana ranks in the top 50 impact companies globally for the 6th year in a row
From 2025 onwards, Real Leaders Top Impact Companies competition rules apply a stricter criteria
Recognition reflects Arowana's commitment to its core purpose and status as a leading B Corp
Arowana is pleased to announce that it has been named one of the 2025 Real Leaders Top Impact Companies, a testament to its unwavering commitment to its purpose of growing people, companies, and values. This recognition highlights Arowana’s global leadership in investing in and building sustainable and impact-focused companies.
Now in its seventh year, the Real Leaders Top Impact Companies list celebrates privately-owned businesses that deliver measurable social and environmental benefits. Arowana’s inclusion reflects its mission-driven focus and its proud status as a certified B Corporation, affirming its dedication to the highest social and environmental performance standards, accountability, and transparency.
Setting a New Standard for Purpose-Driven Business
This year’s competition saw over 300 qualifying applications from more than 15 countries, evaluated on growth, revenue, and the six pillars of I.M.P.A.C.T.: Intention, Model, People, Accountability, Collaboration, and Transformation.
With stricter criteria—including a higher revenue threshold and more rigorous impact evaluations—this year’s ranking spotlighted companies that lead with authenticity and purpose.
“It seems like every company is calling themselves an impact company these days,” Kevin Edwards, President of Real Leaders, said. We wanted to spotlight businesses that are genuinely dedicated to making a difference. By incorporating CEO interviews and community-driven impact evaluations, we ensured that only the most deserving organisations made the list. The top-scoring finalists in each category will share their best practices at Real Leaders UNITE 2025, inspiring better leaders for a better world.”
Arowana’s Core Purpose: Growing People, Companies, and Values
As a global investment group, Arowana is committed to channelling resources and supporting the transformation and growth of enterprises that contribute to environmental resilience, foster equitable opportunities, and deliver lasting value for stakeholders.
“We are very grateful to be named again as one of the Top Impact Companies of 2025 by Real Leaders,” Kevin Chin, Founder and CEO of Arowana, said. “At Arowana, we believe that business has a profound role to play in shaping a better future and we are steadfastly committed to our core impact driven purpose. As a certified B Corp, our team strives to lead by example—aligning financial performance with measurable social and environmental impact. This award affirms that purpose and profit can coexist and thrive together.
We are grateful to Real Leaders for championing the power of purpose-driven leadership and for creating a platform that celebrates businesses making a difference globally. To stand alongside so many remarkable companies is an honour.”
Real Leaders is the fastest-growing community for impact-driven leaders, supported by a global media platform that advocates for purpose-driven business. Founded in 2010, Real Leaders promotes responsible leadership that prioritises employees, society, and the planet alongside profit. An independently owned Certified B Corporation and member of the UN Global Compact, Real Leaders is on a mission to unite farsighted leaders to transform our shortsighted world.
