By Zaeem Shoaib
VivoPower International shares rose after the company’s unit Tembo e-LV met milestones to obtain a further follow-on strategic direct equity investment.
Shares were up 15% at $2.37 in recent trading and have risen over 19% since the start of the year.
The $5 million investment into Tembo is at a pre-money valuation of $120 million and comes as part of a $2.5 million investment in June 2023 from a UAE-based private investment office backed by a member of the ruling Al Maktoum family of Dubai.
VivoPower, which intends to retain its majority stake in Tembo, said the investor has the option to raise its investment by up to $10 million.
Write to Zaeem Shoaib at [email protected]
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