VivoPower PLC reports company developments tied to its AI data center infrastructure, Power-to-X platform and powered land assets. Recurring announcements cover data center asset activity, reserve-market demand response at the Mo i Rana, Norway site, conference presentations and updates on the company's sovereign AI compute infrastructure strategy.
Company news also covers capital-structure actions, including share conversion matters and registration-statement changes, as well as governance and advisory council updates, material agreements, shareholder voting matters, operating results and financial results.
VivoPower International PLC (NASDAQ: VVPR) has successfully refinanced its debt with major shareholder AWN Holdings Limited. The outstanding loan of US$23.3 million, initially due by March 31, 2022, now matures on June 30, 2026. VivoPower will make an initial payment of US$2.19 million within 14 days, followed by 60 monthly installments starting July 1, 2021. The interest rate has been reduced from 12% to 8.8% per annum, reflecting improved creditworthiness and supporting VivoPower’s growth in sustainable energy solutions.
VivoPower International PLC (NASDAQ: VVPR) announces that Executive Chairman Kevin Chin will receive his chairman's fee entirely in the form of restricted stock units (RSUs) equivalent to 7,788 shares, reflecting a market adjustment. Other non-executive directors are also opting for RSUs instead of cash for their adjusted fees, totaling 7,788 shares each. Chin expressed intentions to further increase his stock ownership during future trading windows, indicating confidence in the company's outlook.
VivoPower International PLC (NASDAQ: VVPR) and its subsidiary, Tembo e-LV B.V., have entered into a non-binding Heads of Agreement with GB Auto Group in Australia. The Proposed Agreement aims to establish GB Auto as the exclusive distributor for Tembo's electric vehicles and conversion kits over a seven-year term. GB Auto commits to purchasing at least 500 conversion kits in the first year, totaling approximately USD$250 million in revenue. VivoPower will also partner with GB Auto for sustainable energy solutions, enhancing its market position in the electric vehicle sector.
VivoPower International PLC (NASDAQ: VVPR) has appointed Gemma Godfrey to its Board of Directors. Godfrey, a serial entrepreneur, has experience in fintech, digital media, and advising government strategies. She aims to leverage her diverse skills to enhance VivoPower's offerings in electric vehicles and sustainable energy solutions. Executive Chairman Kevin Chin expressed confidence in her capabilities, highlighting the importance of innovation and efficiency in the company’s mission. VivoPower is dedicated to delivering sustainable energy solutions globally and holds a B Corporation certification.
VivoPower International PLC (NASDAQ: VVPR) announces successful refinancing by its Australian subsidiaries, J.A. Martin Electrical and Kenshaw Electrical. J.A. Martin achieved a 38% reduction in funding costs with more flexible terms, enhancing liquidity for the next 3 to 5 years. Kenshaw used surplus reserves to retire current working capital, ensuring future growth funding. The company’s credit profile improved following an oversubscribed $28.75 million equity raise in October. Strategic discussions are underway for a proprietary lease finance program for Tembo e-LV, aimed at boosting its electric vehicle sales.
VivoPower International PLC (NASDAQ: VVPR) announced the appointment of Martin Bell to its Advisory Council, expanding its strategic leadership. Based in Berlin, Bell is the CEO of Bell Ventures and a proponent of the 100 Tasks System, which has successfully supported over 80 organizations. He was instrumental in Rocket Internet's 100 Day Launch process, leading more than 20 companies to success. The Executive Chairman, Kevin Chin, praised Bell's expertise in hyperscaling and its application to VivoPower’s sustainable energy solutions.
VivoPower International PLC (NASDAQ: VVPR) has appointed Chris Mallios to its Advisory Council, bringing nearly 30 years of experience across various sectors including automotive and technology. Mallios has held leadership roles at Nissan and CFC Group and has a strong background in electric vehicle technology. Executive Chairman Kevin Chin expressed confidence in Mallios' diverse expertise, which is expected to enhance VivoPower's strategic initiatives. The company aims to deliver sustainable energy solutions and holds operations in multiple countries.
On November 2, 2020, VivoPower International PLC (NASDAQ: VVPR) announced Edward Hyams' appointment to its Advisory Council. With 45 years in energy and clean technology, Hyams co-led Englefield Capital's Renewable Energy Fund and was an early investor in Tevva Motors. Having previously served as a Non-Executive Director at VivoPower before 2018, Hyams brings significant expertise in clean tech and electric vehicles. Executive Chairman Kevin Chin welcomed Hyams, highlighting his invaluable knowledge for VivoPower's growth strategy towards sustainable energy solutions.
VivoPower International PLC (NASDAQ: VVPR) has successfully closed an underwritten public offering of 2,941,176 ordinary shares at $8.50 per share, raising approximately $28.75 million in gross proceeds. The underwriters also exercised an option for an additional 441,174 shares. The company plans to utilize the funds for operational expansion in the commercial electric vehicle segment, including a $4.7 million acquisition of Tembo e-LV B.V., and for general corporate needs.
VivoPower International PLC (Nasdaq: VVPR) announced that its subsidiary, Kenshaw Electrical Pty Limited, has secured a AUD$1.9 million (USD$1.3 million) contract to supply and install emergency backup generators at a major Australian data center. The project, which involves delivering four 2,250 kVA Cummins generators, is set to commence in October with completion aimed by Christmas. Kenshaw's established reputation in critical power solutions positions them as a reliable provider in the data center sector.