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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) 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.
VivoPower International PLC (NASDAQ: VVPR) has announced an earnings conference call scheduled for August 24, 2020, at 16:30 EDT. The call will be led by Kevin Chin, Executive Chairman and CEO, along with other company leaders. Interested participants must register via the provided link. The call will also be recorded and accessible on the company’s investor relations website.
VivoPower specializes in solar energy and critical power services, offering solutions for energy generation and distribution to various commercial and industrial clients.
VivoPower International PLC (NASDAQ: VVPR) announced that its Australian subsidiary, J.A. Martin Electrical Pty Limited, secured a contract with Carroll Cotton Company. The contract, valued at AUD$20 million, involves engineering, switchboards, and installation for a new cotton gin in New South Wales. The project is set for completion by March 2021 and will enable the gin to produce 100,000 tonnes of cotton annually, representing 10% of Australia's total crop. This contract strengthens J.A. Martin's role in the solar and electrical power sector within the Australian agriculture industry.
VivoPower International PLC (NASDAQ: VVPR) announced it will release its full-year results for the fiscal year ending June 30, 2020, on August 24, 2020, at 09:00 EDT. An earnings conference call hosted by Executive Chairman Kevin Chin is scheduled for the same day at 16:30 EDT. The company has also unveiled a new logo and updated website to enhance its brand presence. VivoPower specializes in solar and critical power services, focusing on energy infrastructure solutions for commercial and industrial sectors.
VivoPower International PLC (NASDAQ: VVPR) announced that its subsidiary Aevitas Group held an extraordinary meeting where 100% of exchangeable preference shareholders and noteholders approved a reconstitution of securities. This change will convert exchangeable preference shares and notes into non-dilutive preference shares, offering a 7% cumulative coupon. Key benefits include a 12.9% reduction in potential dilution for ordinary shareholders and a debt reduction of A$36.1 million (US$24.9 million) for Aevitas, simplifying the capital structure.
VivoPower International PLC (NASDAQ: VVPR) announced the approval of restricted stock units (RSUs) and performance stock units (PSUs) for its directors, including Executive Chairman and CEO Kevin Chin. The RSUs, totaling 260,458, are granted as an alternative to cash fees and will vest in one year, except for Chin's RSUs, which vest over four years. Additionally, Chin will receive 110,020 shares for deferred fees and 261,600 PSUs linked to performance criteria. The compensation plans were advised by a top compensation advisory firm.
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