Tembo produces 100% electric utility vehicles (EUVs) designed for ruggedised and customised fleet applications across mining, agriculture, energy utilities, defence, police, government, humanitarian and game safari industries. Tembo is a subsidiary of NASDAQ‑listed VivoPower International PLC and supplies high‑performance off‑road and on‑road EVs aimed at reducing costs, extending asset life, and meeting ESG goals. The company recently met milestones tied to a UAE‑based private investment office backed by a member of Dubai’s Al Maktoum family. That investor’s commitment comprised up to US$10.0 million in strategic direct equity, with US$7.5 million previously met and the final US$2.5 million now qualified. The equity tranche was agreed at a US$120.0 million pre‑money valuation. VivoPower will continue to retain its majority stake in Tembo, which has also signed a binding heads of agreement to pursue a business combination with CCTS, a NASDAQ‑listed SPAC, at an indicative pre‑money equity valuation of US$838.0 million. Tembo produces electric utility vehicles (EUVs) designed for rugged and customised fleet applications, offering off-road and on-road solutions that prioritize safety, reliability, and performance. The company targets fleet owners in sectors such as mining, agriculture, energy utilities, defence, government, humanitarian missions, and game safaris. Tembo’s stated purpose is to provide electrification solutions that extend asset life, reduce costs, maximize return on assets, help customers meet ESG goals, and support a circular economy. Tembo is a subsidiary of Nasdaq‑listed B Corporation VivoPower International PLC, which retains a majority stake in the business. The company recently met milestones tied to an existing investor option, triggering a follow-on direct equity investment. No operating metrics such as revenue or user counts are disclosed in the article.

Total raised

$8M

Funding rounds

2

Latest round

Equity

Latest activity

Apr 2024