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VivoPower International PLC (NASDAQ: VVPR) is a global leader in sustainable energy solutions, specializing in the development, building, and operation of solar power projects. The company aggregates photovoltaic (PV) solar projects under long-term power purchase agreements and then manages corporate and project financing, engineering design, equipment procurement, and construction. VivoPower operates through several segments, including Solar Development, Critical Power Services, Sustainable Energy Solutions, and Electric Vehicles, with the majority of its revenue coming from Critical Power Services, primarily in Australia.
Recent Achievements and Current Projects
VivoPower's subsidiary, Tembo e-LV B.V. ("Tembo"), recently secured a follow-on strategic equity investment of USD 5 million, affirming the company's robust financial health and growth prospects. Tembo focuses on electric utility vehicles (EUVs) for fleet owners in sectors like mining, agriculture, and government. VivoPower continues to retain a majority stake in Tembo, which recently met milestones for a final follow-on investment.
Another exciting development involves Tembo's joint venture with Francisco Motor Corporation in the Philippines, which has secured 1,300 order commitments for electric jeepneys, valued at an estimated USD 30 million. This initiative aims to modernize the Philippines' jeepney industry, aligning with VivoPower's mission to provide sustainable energy solutions globally.
Moreover, VivoPower has begun delivering next-generation EUV powertrain conversion kits to its Canadian distributor, Access Industrial Mining Inc. These kits convert diesel-powered 4x4 LandCruiser and Hilux vehicles into electric utility vehicles, supporting corporate clients in achieving their net-zero carbon goals.
About VivoPower
VivoPower is an award-winning B Corporation dedicated to providing turnkey decarbonization solutions for its clients. The company operates in multiple countries, including Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates. VivoPower's core purpose is to facilitate the transition to net-zero carbon status for its customers through innovative, sustainable energy solutions.
Financial Condition and Partnerships
VivoPower's financial health is bolstered by strategic investments and partnerships. The company has a strong presence in Australia, generating most of its revenue from this region. Recent equity investments and joint ventures highlight its commitment to sustainable growth and innovation.
As of the first half of 2024, VivoPower's financial results are preliminary but reflect a stable and promising outlook. The company continues to attract significant investments, further supporting its ambitious projects and long-term objectives.
For more detailed and the latest updates on VivoPower International PLC, visit their official website or follow their NASDAQ profile.
VivoPower International PLC (NASDAQ: VVPR) has successfully closed an underwritten public offering of 2,941,176 ordinary shares at $8.50 per share, raising approximately $28.75 million in gross proceeds. The underwriters also exercised an option for an additional 441,174 shares. The company plans to utilize the funds for operational expansion in the commercial electric vehicle segment, including a $4.7 million acquisition of Tembo e-LV B.V., and for general corporate needs.
VivoPower International PLC (Nasdaq: VVPR) announced that its subsidiary, Kenshaw Electrical Pty Limited, has secured a AUD$1.9 million (USD$1.3 million) contract to supply and install emergency backup generators at a major Australian data center. The project, which involves delivering four 2,250 kVA Cummins generators, is set to commence in October with completion aimed by Christmas. Kenshaw's established reputation in critical power solutions positions them as a reliable provider in the data center sector.
VivoPower International PLC (NASDAQ: VVPR) has announced the pricing of a public offering of 2,941,176 ordinary shares at $8.50 each, aiming for gross proceeds of approximately $25.0 million. The offering includes a 45-day option for underwriters to purchase an additional 441,176 shares. Proceeds will be allocated to expand operations in the commercial electric vehicle sector, fund the acquisition of Tembo e-LV B.V. for $4.7 million, and support general corporate needs. Closing is expected around October 19, 2020, subject to customary conditions.
VivoPower International PLC (Nasdaq: VVPR) has signed a definitive agreement to acquire a 51% stake in Tembo e-LV B.V. for USD $4.7 million. Tembo specializes in battery-electric off-road vehicles and generated USD $2.3 million in revenue for FY 2019. The acquisition aims to enhance VivoPower's capacity in commercial fleet electrification, targeting a potential global market of at least USD $36 billion. VivoPower plans to leverage this partnership to accelerate sustainable energy solutions, particularly in the mining and utilities sectors.
VivoPower International PLC (Nasdaq: VVPR) has appointed Matthew Nestor as Sales Director for North America, focusing on its sustainable energy solutions (SES) in the U.S. and Canada. Nestor brings over 15 years of experience in selling complex enterprise technology, having worked with Fortune 500 companies. This appointment aims to enhance VivoPower's presence in the lucrative North American mining and infrastructure markets. The company has also secured new office leases in Virginia and Toronto and plans to expand its team to support the SES rollout.
VivoPower International PLC (NASDAQ: VVPR) announced the appointment of Kim Lawrence to its Advisory Council. Based in Brisbane, Australia, Lawrence is recognized for her expertise in clean technology and renewable energy, holding several positions, including on the Australian Renewable Energy Agency Advisory Panel. With a background in investment banking and extensive experience in energy and mining, her insights are expected to enhance VivoPower’s strategy in electric vehicles and battery storage. Executive Chairman Kevin Chin expressed optimism about her contributions to the company's growth.
VivoPower International PLC (NASDAQ: VVPR) has appointed Kim Lawrence to its Advisory Council, enhancing its focus on clean technology and renewable energy. Based in Brisbane, Australia, Lawrence brings extensive experience in battery storage, electric vehicles, and energy sectors. Her previous roles include leadership positions at Clean Energy Finance Corporation and Low Carbon Australia. Kevin Chin, Executive Chairman and CEO, emphasized that her expertise is vital for VivoPower’s strategic growth in sustainable energy solutions, particularly in Australia.
VivoPower International PLC (NASDAQ: VVPR) announced a non-binding Letter of Intent to acquire a 51% stake in Tembo 4x4 e-LV B.V. for USD$4.7 million. Tembo specializes in battery-electric and off-road vehicles for various sectors including mining and humanitarian aid. In 2019, Tembo reported revenues of USD$2.3 million with an EBITDA loss of USD$0.2 million. This acquisition aims to broaden VivoPower’s market presence beyond mining and enhance its Electric Light Vehicles portfolio, tapping into a potential global market of USD$36 billion.
VivoPower International PLC (NASDAQ: VVPR) announced the formation of the VivoPower Advisory Council to support its transition to electric vehicles and sustainable energy. The council's first member is Eric Achtmann, an experienced executive notable for his role in the transformation of Costa Coffee. CEO Kevin Chin emphasized Achtmann's diverse expertise in innovation and the mobility sector as key to driving VivoPower's strategy. The company aims to enhance its capabilities in electric vehicle production and sustainable energy solutions.
VivoPower International PLC (Nasdaq: VVPR) reported record annual revenues of $48.7 million for the fiscal year ending June 30, 2020, marking a 12% increase from the previous year. The company's adjusted EBITDA showed a significant turnaround, rising by $7.7 million to reach $3.9 million. Despite challenges posed by COVID-19 lockdowns, gross profit rose by 28%. Although the statutory net loss was ($5.1 million), this is less than the ($11.3 million) loss reported in FY19. VivoPower is also pivoting to the electric vehicle market, focusing on light electric vehicles for the mining and infrastructure sectors.
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