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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.
On October 28, 2022, VivoPower International PLC received a notification from Nasdaq indicating its common stock no longer meets the minimum bid price requirement of $1 per share. The company has a 180-day compliance period until April 26, 2023, to regain compliance. If unable to do so, VivoPower may seek an additional compliance period. The company remains committed to monitoring its stock price and exploring options for compliance. VivoPower specializes in sustainable energy solutions and operates globally across several countries.
LONDON, Oct. 27, 2022 (GLOBE NEWSWIRE) -- VivoPower International PLC (NASDAQ: VVPR) has published its quarterly newsletter highlighting key financial and operational updates for the quarter ending September 30, 2022. The newsletter is accessible via the Investors section of the VivoPower website. VivoPower focuses on sustainable energy solutions, including battery storage and solar technology, with operations across several countries. The company remains committed to providing decarbonization solutions while navigating potential market uncertainties and risks.
VivoPower International PLC (NASDAQ: VVPR) reported preliminary results for the fiscal year ending June 30, 2022, with total group revenues of $37.6 million, down 7% year-on-year due to COVID-19 impacts. Underlying EBITDA loss expanded to ($10.4 million), from ($1.4 million) in FY21. Significant changes include divesting non-core businesses and increasing cash balance from $1.3 million to $8.9 million following divestitures. A Design Services Agreement with Toyota Australia was secured, and a MOU for 1,000 EV kits in Jordan was signed, signaling expansion in electric vehicle market.
VivoPower International PLC will announce its full-year financial results for the period ending June 30, 2022, on August 29, 2022, at 16:30 EST. Following the earnings release, Kevin Chin, the Executive Chairman and CEO, will host a conference call at 17:00 EST. Investors can register for the call and access a live webcast through the provided links. VivoPower focuses on sustainable energy solutions, including battery storage and solar technology, and operates across multiple countries, emphasizing its commitment to decarbonization.
VivoPower International PLC (Nasdaq: VVPR) has finalized a deal with a U.S. institutional investor to sell 4,230,770 ordinary shares at $1.30 each, generating gross proceeds of approximately $5.5 million. Alongside this, the company will issue unregistered warrants for the same number of shares, also priced at $1.30, exercisable after six months and expiring in five years. Proceeds will be allocated to hiring engineering talent and enhancing production capabilities. The offering's closure is anticipated around August 2, 2022.
VivoPower International (NASDAQ: VVPR) announces its subsidiary, Tembo E-LV, has secured an order for EV conversion kits from Atlas Iron, a major iron ore mining company in Western Australia. This collaboration aims to support Atlas Iron's efforts in electrification and energy efficiency. VivoPower's Executive Chairman, Kevin Chin, expressed optimism for future orders as they engage with other groups post-border openings in Australia and Southeast Asia. VivoPower focuses on providing sustainable energy solutions and aims for net-zero carbon status.
VivoPower International PLC (NASDAQ: VVPR) announced the divestiture of two non-core business units, J.A. Martin Electrical and NDT Services, to ARA Group for up to A$10 million based on FY2023 EBITDA results. This aligns with VivoPower's strategy to focus on its growing electric vehicle and sustainable energy solutions. The well-performing J.A. Martin's Solar business unit will be retained and integrated into Aevitas Kenshaw. Proceeds from these sales will primarily fund high-growth sectors, reinforcing the company's commitment to strategic realignment.
VivoPower (NASDAQ: VVPR) has announced a record A$11.7 million contract for electrical works on the 204MWdc Edenvale Solar Farm in Queensland, Australia. This marks the largest solar contract awarded to VivoPower's Australian subsidiary, J.A. Martin Electrical. Construction is underway, with the solar farm set to generate approximately 425,000MWh of clean energy annually and reduce carbon emissions by 300,000 tonnes. VivoPower’s solar solutions business has achieved a 62% CAGR since FY2019, signaling strong growth and a robust project pipeline.
VivoPower International PLC (Nasdaq: VVPR) has announced a Design Services Agreement with Toyota Motor Corporation Australia for its subsidiary, Tembo e-LV. This agreement marks a significant step in the development of electrification solutions for the Toyota LandCruiser 70, specifically designed for off-road applications. VivoPower will devote dedicated resources to this project and partner with GB Auto, leveraging their expertise in the mining sector. This collaboration aims to enhance corporate fleet safety and performance in rugged environments.
VivoPower International PLC (NASDAQ: VVPR) has announced the publication of its first quarterly newsletter, covering key financial and operational developments for the quarter ended March 31, 2022. The newsletter aims to keep investors informed, with plans for future editions following quarterly periods when half-year or full-year results are not communicated. VivoPower focuses on sustainable energy solutions, including battery storage and solar technology, aiming to help clients achieve net zero carbon status. The newsletter is accessible on the company's Investors section of its website.
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