VivoPower International PLC Secures Settlement and Full Control of Joint Venture US Solar Development Portfolio

VivoPower International PLC (NASDAQ: VVPR) has announced that it has secured full ownership of its solar development portfolio in the U.S. by acquiring the remaining 50% equity interest from Innovative Solar Systems LLC for nominal consideration.

Rhea-AI Summary

VivoPower International PLC (NASDAQ: VVPR) has announced that it has secured full ownership of its solar development portfolio in the U.S. by acquiring the remaining 50% equity interest from Innovative Solar Systems LLC for nominal consideration. This acquisition marks a significant step for VivoPower, allowing it greater control over its solar projects and enhancing its position in the sustainable energy market.

Positive

• Acquired full ownership of U.S. solar development portfolio, enhancing control over operations.

Negative

• None.

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LONDON, July 02, 2021 (GLOBE NEWSWIRE) -- VivoPower International PLC (NASDAQ: VVPR, the “Company”) is pleased to announce that the Company has secured a settlement resulting in it gaining full ownership of the remaining 50% of the equity interest in its solar development portfolio in the United States (the “Portfolio”). Ownership of the Portfolio was previously shared 50/50 with the Company’s former joint venture partner, Innovative Solar Systems LLC (“ISS”).

Ownership of the remaining 50% interest in the Portfolio was acquired by the Company from ISS for nominal consideration under the terms of the settlement between the Company and ISS.

About VivoPower

VivoPower is a sustainable energy solutions company focused on battery storage, electric solutions for customized and ruggedized fleet applications, solar and critical power technology and services. The Company's core purpose is to provide its customers with turnkey decarbonization solutions that enable them to move toward net zero carbon status. VivoPower is a certified B Corporation with operations in Australia, Canada, the Netherlands, the United Kingdom and the United States.

FAQ

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What recent acquisition did VivoPower International PLC (VVPR) make?

VivoPower acquired the remaining 50% of its solar development portfolio in the U.S. from Innovative Solar Systems LLC.

How much did VivoPower pay for the remaining equity interest in its solar portfolio?

The remaining equity interest was acquired for nominal consideration.

What is the significance of VivoPower's acquisition of its solar portfolio?

The acquisition enables VivoPower to have full control over its solar projects, strengthening its position in the sustainable energy sector.

When was the acquisition by VivoPower announced?

The acquisition was announced on July 2, 2021.