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Vivopower is a B corporation comprised of J.A. Martin Electrical and Kenshaw Electrical. Originally from Australia they now also have operation in Europe and North America. They recently acquired Tembo e-LV, a company

converting conventional vehicle into EVs. 

Current LOI and MSA for Tembo e-LV conversion kits

Tottenham Spurs partnership

"VivoPower might supply a large, solid state battery with capacity of more than 3 MW at the stadium to balance and guarantee the venue’s power supply, including rooftop solar panels, battery storage, custom microgrid controls and electrical infrastructure."

Analyst coverage

More about Tembo E-LV.

"Using the Toyota 70-series & the Toyota Hilux as a base vehicle, the Tembo e-LV electric drivetrain replaces the engine, gearbox and all auxiliary parts. Instead of the engine you will find an electric motor and an inverter, instead of fuel lines and a diesel tank there are electric connectors and battery packs. The new drivetrain is a completely sealed and waterproof"

More about Kenshaw Electrical.

"We provide reliable specialist services in the areas of electric motors, generators and non-destructive testing (NDT). Our capabilities and experience include the design, manufacture, installation, commissioning, repair, testing and service (whether routine or emergency) of business critical power generation and electric motor products including a fully fitted workshop with skilled mechanical and electrical staff.

More about J.A. Martin Electrical.

"J.A. Martin serviced almost 250 customers in the fiscal year ended 30 June 2020 across a diverse range of industries, including solar farms, grain handling and agriculture, water and gas utilities, cotton gins, commercial buildings, mining, marine and rail infrastructure."

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Burlap's 2 minutes   DDs

 

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  1. Tembo e-LV is cumulating $500m+ in 6 deals with worldwide distributors. Total orders should amount to 6000+ EV kits. 
     

  2. During the second half of the financial year, Tembo accelerated the development of its 72kWh battery platform for the Landcruiser model in accordance with the highest automotive product development process standards, in close cooperation with GB Auto and Toyota Motor Corporation Australia Limited. In recent months, Tembo’s team of engineers have collectively developed an enhanced product, which is undergoing extensive testing and at the same time as the first customer prototype vehicles for this enhanced product are being assembled in Australia.
     

  3. Small float, 20m outstanding shares with 50% of insider ownership. Arowana holdings which is led by the same CEO owns over 7m shares as of august 2021.
     

  4. Analyst price target of 19$ based on a DCF model with assumptions of 5,000 EVs in 2025 (every change of 1,000 vehicles has an impact of c $5 a share on their valuation). 
     

  5. Complementarity between their three subsidiaries, offering turn-key solutions for decarbonization of manufacturing and industrial processes (all-in-one, solar, batteries and EVs).
     

  6. Very strong tailwind from a macro economic perspective, especially for battery metals mining operations that will have to offer a sustainable product to EV manufacturers. 

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  1. Never been profitable since inception.
     

  2. High risks of failing execution on the EV segment.
     

  3. Cost of goods is high. Currently gross profit is at 16%, Based upon VivoPower’s management estimates, the Company believes that, once prototype and test production is complete and full scale series production commences, it could achieve gross margins of between 25% and 33% under the Distribution Agreements.
     

  4. Competition is starting to get tougher, what once was the hedge of Tembo products is now becoming mainstream. With Ford announcing an all-electric F-150 and Tesla with their Cybertruck, the pick up segment should get more players in the next 2-3 years.
     

  5. Shareholders on social media platforms will agree with the affirmation that holding VVPR is a frustrating effort.
     

  6. The US solar portfolio have seen major drawbacks, with over 600MWdc cancelled or stalled.
     

  7. Cost and scarcity of raw materials for battery and solar arrays systems might be detrimental to the cost of goods.
     

  8. Growing list of costs and expenses could mean greater dilution as the Company try to ramp up Tembo's production and different SES verticals are developed. As of 30 June 2020, there were 13,557,376 ordinary shares in issue now to 20,641,995 ordinary shares issued and outstanding on August 18, 2021

Tembo e-LV has a Letter of intent with Toyota Australia. In this clip they announce that we could see a Master Service Agreement in 60 days starting June 24th, click here to add to your agenda

The Catalyst list
 

Where to DD?

Edison Research, analyst reports:

https://www.edisongroup.com/company/vivopower-international/2978/

Sec fillings:

https://sec.report/Ticker/VVPR

Vivopower investor relationship:

https://vivopower.com/investors/

Full fiscal year financials -June 2021 
https://sec.report/Document/0001437749-21-022141/

Full fiscal year presentation -ended June 2021 

https://vivopower.com/wp-content/uploads/2021/08/210823-VVPR-FY21-Annual-Results-Presentation-FINAL.pdf

 

Join our webinar to hear from VivoPower CEO, Kevin Chin as he discusses the company’s 360-degree approach to sustainable energy

Click here to Add event to calendar

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