

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
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LOI with Toyota for 5 years(+2 in options) in Australia.
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$250m with GB autos for 7 years in Australia.
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$120m with Access until 2026 in Canada.
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$58m with Artic until 2026 in Scandinavia.
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$30m with Bodiz until 2026 in Mongolia.
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$215m over 5 years with GHH group.
Tottenham Spurs partnership
"VivoPower might supply a large, solid state battery with capacity of more than 3 MW at the stadium to balance and guarantee the venue’s power supply, including rooftop solar panels, battery storage, custom microgrid controls and electrical infrastructure."
Analyst coverage
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Price target of 19$, by Edison Research, June 22nd 2021.
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.
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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Tembo e-LV is cumulating $500m+ in 6 deals with worldwide distributors. Total orders should amount to 6000+ EV kits.
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Small float, 20m outstanding shares with 50% of insider ownership. Arowana holdings which is led by the same CEO owns over 7m shares as of august 2021.
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Analyst price target of 19$ 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).
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Complementarity between their three subsidiaries, offering turn-key solutions for decarbonization of manufacturing and industrial processes (all-in-one, solar, batteries and EVs).
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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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Never been profitable since inception.
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High risks of failing execution on the EV segment.
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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.
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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.
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Shareholders on social media platforms will agree with the affirmation that holding VVPR is a frustrating effort.
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The US solar portfolio have seen major drawbacks, with over 600MWdc cancelled or stalled.
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Cost and scarcity of raw materials for battery and solar arrays systems might be detrimental to the cost of goods.
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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
Join our webinar to hear from VivoPower CEO, Kevin Chin as he discusses the company’s 360-degree approach to sustainable energy
Burlap's Blog
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