VivoPower's Tembo Signs Definitive Distribution Agreement with the Kingdom of Saudi Arabia’s Green Watt Worth up to an Estimated US$85 Million over 5 Years

Core Insights - VivoPower's subsidiary Tembo has signed a distribution agreement with Green Watt to sell and distribute 1,600 electric utility vehicle (EUV) units in Saudi Arabia, valued at up to US$85 million by 2030 [1][3][6] - Green Watt specializes in renewable energy and environmental sustainability, serving major clients like Aramco and Halliburton, and aims to help clients achieve financial and environmental goals through energy conservation measures [2][10][11] - The partnership reflects a commitment to advancing sustainable energy solutions in Saudi Arabia, supported by government initiatives and ambitious carbon reduction targets [3][4][6] Company Overview - VivoPower is a global sustainable energy solutions provider, listed on Nasdaq since 2016, focusing on electric solutions for ruggedized fleet applications and ancillary services [7] - Tembo offers 100% electric utility vehicles designed for various rugged and customized applications, targeting sectors such as mining, agriculture, and government [8][9] - Green Watt, established in 2016, emphasizes environmental protection and quality, providing solutions that reduce power consumption and carbon footprint [2][10][11] Market Opportunity - Saudi Arabia presents significant opportunities for corporate partnerships in sustainable energy, driven by strong government support and a large market for electrification in sectors like mining and oil [4][5] - The model of converting used Land Cruisers to electric vehicles for re-leasing is seen as a practical and cost-effective pathway to support the country's transition to a greener economy [5]