RTTNews | Dec 23, 2020 10:01AM EST

10:00 Wednesday, December 23, 2020 (RTTNews.com) - Shares of VivoPower International PLC (VVPR) are gaining nearly 30% on Wednesday morning after announcing a $250 million Australian distribution agreement for Tembo light electric vehicles.

VVPR is currently trading at $10.15, up $2.26 or 28.64%, on the Nasdaq.

VivoPower and its subsidiary Tembo e-LV B.V. have entered into an agreement with GB Auto Group Pty Ltd and GB Electric Vehicles Pty Ltd in Australia, which will make GB Auto exclusive distributor within Australia for Tembo's electric Toyota Land Cruiser, Hilux, and electric vehicle conversion kits.

GB Auto intends to commit to purchase at least 500 Tembo electric conversion kits in the first year, and at least 2,000 kits during the first four years. These orders would be worth around $250 million.

VivoPower International operates as an international solar power company. The Company manages solar power assets to provide commercial, industrial, and government customers with renewable energy.

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