VivoPower's Tembo Secures $85 Million Distribution Deal in Saudi Arabia

VivoPower International's subsidiary, Tembo e-LV, has signed a significant distribution agreement with Saudi Arabian company Green Watt, valued at up to $85 million, to sell and distribute 1,600 electric utility vehicles over the next five years. This partnership aims to enhance sustainable energy solutions in Saudi Arabia as part of the country's carbon reduction initiatives. Green Watt, a leader in renewable energy, will help facilitate the electrification of ruggedized utility vehicles, aligning with national decarbonization efforts. The agreement represents a strategic milestone for VivoPower, opening new market opportunities in sectors that are traditionally vehicle-intensive. Both companies emphasize their commitment to promoting cleaner transportation and sustainable practices in the region. This deal is expected to significantly bolster VivoPower's market presence amid ongoing challenges with financial performance and stock valuation.