VivoPower Announces Definitive Distribution Agreement in Ghana for Tembo EUVs

Agreement with Fourche Maline to sell 2,500 Tembo EUV kits over next 5 years

Ghana is the largest producer of gold in Africa, and ranks amongst the top 6 globally

Ghana’s government has launched the Drive Electric Initiative through the Ghana Energy Commission

LONDON, June 27, 2023 (GLOBE NEWSWIRE) -- VivoPower International PLC (NASDAQ: VVPR, the “Company”) is pleased to announce that it has signed a definitive agreement (“Agreement”) with Fourche Maline Ltd (“Fourche Maline”), a fully indigenous Ghanaian engineering and technical services company for it to market, distribute and service Tembo-powered electric utility vehicles (“EUV”) across Ghana. Fourche Maline provides engineering and technical services in the local Ghana market to a number of the world’s leading companies in the Oil & Gas, Mining, Power & Energy, and Food & Beverage sectors.

Under the Agreement, Fourche Maline has committed to sell a total of 2,500 Tembo EUV conversion kits from execution of this Agreement over the next 5 years across Ghana and West Africa. Fourche Maline will be responsible for acquiring utility vehicles, converting the vehicles to ruggedised EUVs using Tembo conversion kits, selling the units to end-customers and providing after-sale servicing and maintenance with support from Tembo. Sectors where the Tembo EUV will be used are wide-ranging, including Mining but also Power, Oil & Gas, Government services, Insurance and Agriculture.

Ghana is one of the largest mining countries in the world and the number one gold mining country in Africa. The Hilux and LandCruiser are widely used in the local mining industry and several international mining companies with a local presence have declared global sustainability goals. Ghana has also been a proponent of Electric Vehicle (“EV”) adoption with the Ghana Energy Commission launching a “Drive Electric Initiative” (DEI-Gh) to foster development of the EV market and infrastructure.

The Tembo EUV kits will transform new and second-hand diesel-powered 4×4 LandCruiser and Hilux vehicles into ruggedised EUVs. Tembo EUV conversion kits are a key component of VivoPower’s turnkey sustainable energy solutions, designed to help corporate customers accelerate towards their net zero carbon goals and to achieve cost savings.

Kevin Chin, VivoPower’s Executive Chairman and Chief Executive Officer, said:

“We are very pleased to contribute towards the acceleration of Ghana achieving its net-zero goals with our Tembo EUV23 kits. Given the large mining sector in Ghana and surrounding West African nations, there is widespread use of the Hilux and LandCruiser models for mining as well as other sectors. Accordingly, there is a sizeable opportunity for electrification of utility vehicle fleets. We look forward to working closely with the Fourche Maline team to deliver not just Tembo EUV kits but also our broader sustainable energy solutions to Ghana, assisting the Ghanaian government as well as large industrial sector companies achieve their energy transition goals over the next five years and beyond.”