VIVOPOWER ANNOUNCES FURTHER STRATEGIC DIRECT INVESTMENT IN TEMBO FROM EMIRATI INVESTMENT OFFICE
LONDON, April 08, 2024 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq: VVPR, “VivoPower” or the “Company”) is pleased to announce that its subsidiary Tembo e-LV B.V. (“Tembo”) has now met all the milestones to obtain the final follow-on strategic direct equity investment into Tembo, at a pre-money valuation of US$120 million.
- Tembo has now met milestones to qualify for the final follow-on investment of US$2.5 million, for an aggregate total investment of US$10 million
LONDON, April 08, 2024 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq: VVPR, “VivoPower” or the “Company”) is pleased to announce that its subsidiary Tembo e-LV B.V. (“Tembo”) has now met all the milestones to obtain the final follow-on strategic direct equity investment into Tembo, at a pre-money valuation of US$120 million. - This is pursuant to a commitment received in June 2023 from a UAE based private investment office backed by a member of the ruling Al Maktoum family of Dubai.
- VivoPower will continue to retain its majority stake in Tembo.
- Tembo recently announced a binding heads of agreement to execute a business combination agreement with CCTS, a NASDAQ listed SPAC at an indicative pre money equity valuation of US$838m.