Welcome to our dedicated page for VivoPower International PLC news (Ticker: VVPR), a resource for investors and traders seeking the latest updates and insights on VivoPower International PLC stock.
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 signed a definitive agreement with Ulti-Mech Pty Ltd to market, distribute, and service Tembo-powered electric utility vehicles in Western Australia, a key mining region. The agreement stipulates Ulti-Mech will sell a minimum of 1,000 Tembo EV conversion kits over five years. These kits will convert diesel-powered vehicles into ruggedised Electric Utility Vehicles (EUVs), supporting the mining industry's move towards sustainability. VivoPower aims to assist clients in achieving net-zero carbon goals, with Ulti-Mech's extensive coverage in Western Australia enhancing market penetration.
VivoPower (Nasdaq: VVPR) reported a 23% decline in revenue, totaling $8.7 million for the six months ending December 31, 2022, attributed to a slowdown in solar projects and adverse weather effects in Australia. The gross loss from operations increased to ($3.6 million) due to these unseasonal conditions. The net after-tax loss remained consistent at ($10.4 million) with an EPS of ($0.44). However, cash reserves improved, rising to $3.2 million. VivoPower secured additional agreements, adding over 5,000 EV conversion kits, and received its first order for the next-gen EUV conversion kit.
VivoPower will announce its half-year results for the period ending December 31, 2022, on February 24, 2023, at 08:00 EST. The earnings conference call, hosted by Executive Chairman and CEO Kevin Chin, will begin at 08:30 EST. Stakeholders can register for the call to obtain dial-in information.
A live webcast will be available, with a replay accessible two hours after the call. VivoPower focuses on sustainable energy solutions and aims to provide decarbonization strategies for its clients, operating across multiple countries including the U.S., UK, and Australia.
VivoPower International PLC (NASDAQ: VVPR) has appointed Eduardo Nebot to its Advisory Council. Based in Sydney, Nebot is an Emeritus Professor at the University of Sydney and a consultant on autonomous systems. He brings over 35 years of experience in mining safety and automation, having collaborated with industry giants like Rio Tinto and BHP.
His role will focus on enhancing safety protocols as VivoPower aims to support the electrification of mining and automotive sectors. Nebot has previously led significant projects in autonomous systems and is a strong advocate for decarbonization in high-energy industries.
VivoPower International PLC (NASDAQ: VVPR) has announced positive developments for its subsidiary, Tembo e-LV B.V. The company has finalized a Design Services Agreement with Toyota Australia for the LandCruiser 70 Series. VivoPower has also secured bridge financing of $3 million from major shareholder AWN Holdings, with an extended repayment date of 18 months. Additionally, Tembo received a strategic investment of up to €2 million from a UAE-based family office investor, ensuring VivoPower retains majority ownership. These initiatives are aimed at enhancing Tembo's operations in sustainable electric solutions.
VivoPower International PLC (NASDAQ: VVPR) has announced a Supply Agreement with Evolution Group Holdings Limited to electrify their fleet of light utility vehicles over five years. Tembo EV Australia, a wholly-owned subsidiary of VivoPower, will lead the conversion of both existing and new vehicles to electric, aiming for the first fully electrified vehicle to be roadworthy in 2023. This makes Evolution the first traffic management company globally to commit to fleet electrification, enhancing eco-friendly solutions in Australia and New Zealand.
VivoPower International PLC (NASDAQ: VVPR) has signed a Supply Agreement with Evolution Group Holdings Limited to electrify its fleet of light utility vehicles for traffic management over five years. Tembo EV Australia, VivoPower's subsidiary, will convert existing and new vehicles to electric with a target for the first vehicle to be roadworthy by 2023. Evolution aims to set eco-friendly standards in the industry as the first traffic management company committed to fleet electrification.
The agreement includes vehicle conversion, training, and sustainable energy solutions, with Tembo evaluating assembly facilities in Australia.
VivoPower International PLC (NASDAQ: VVPR) has entered a significant distribution agreement with Energy Trading Company Mauritius (ETC Mauritius) for a minimum of 4,000 Tembo e-LV conversion kits until December 2027. This deal represents VivoPower's largest commitment to date, increasing total orders to 10,000 kits. The agreement allows Tembo to enter Kenya's second-hand vehicle market, targeting various sectors, including government and agriculture. The total addressable market for second-hand vehicle repowering is estimated to be worth $110 billion.
VivoPower International PLC (NASDAQ: VVPR) announced a definitive distribution agreement with Energy Trading Company Mauritius for a minimum of 4,000 Tembo electrification kits until December 2027, marking the largest distribution deal for the company. This partnership expands total commitments to over 10,000 kits and enables entrance into the second-hand vehicle repowering market, valued at approximately $110 billion. The kits convert diesel Toyota 4x4s into electric vehicles for various sectors in Kenya, supporting decarbonization goals.
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