VivoPower Announces Follow-on Direct Investment in Tembo at US$120M Valuation
Summary
Investment secured from private investment office backed by member of ruling Al Maktoum family of DubaiInitial US$2.5 million investment made in June 2023 included an option to increase investment to up to US$10 million based on meeting certain milestonesTembo has now met milestones to qualify for additional follow-on investment of US$5 million, for an aggregate total investment to date of US$7.5 millionVivoPower is pleased to announce that its subsidiary, Tembo e-LV, has met milestones to obtain a further follow-on strategic direct equity investment of US$5 million 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. The investor, under the agreement terms, retains the option to increase its cumulative investment in subsequent closings, up to US$10 million.VivoPower will continue to retain its majority stake in Tembo.