VivoPower provides development update for Tembo

VivoPower International provides a strategic investment, financing and development update for its wholly owned subsidiary, Tembo. Tembo and Toyota Motor Corporation Australia have now concluded the Design Services Agreement with Toyota Australia for the LandCruiser 70 Series. VivoPower and Toyota Australia will each continue to explore opportunities as part of their commitments to a sustainable future. VivoPower has secured further bridge financing from its major shareholder, AWN Holdings Limited of $3 million, which will be used for Tembo’s growth, including the engineering, assembly and delivery of conversion kits. AWN has also agreed to amend the loan and bridge financing facilities terms so as to extend the repayment date by 18 months to 1 April 2025. Tembo has also secured a strategic investment from a sustainability focused family office investor in the UAE, with an initial investment of up to EUR 2 million to close by 31 March 2023. VivoPower will continue to retain a majority shareholding in Tembo.