RTTNews | Oct 9, 2020 09:56AM EDT

09:56 Friday, October 9, 2020 (RTTNews.com) - Shares of VivoPower International PLC (VVPR) surged over 60% on Friday morning after the company said it agreed to acquire a 51% stake in Tembo e-LV B.V.

VVPR is currently trading at $16.23, up $6.14 or 60.85%, on the Nasdaq.

Tembo is a Netherlands-based specialist battery-electric and off-road vehicle company with global sales and distribution channels across four continents. It services a diverse range of sectors - from mining, infrastructure and utilities to government services, game safaris and humanitarian aid - by providing customized light electric vehicles, often for rugged applications.

The company estimates that the potential global addressable market for commercial fleet electric vehicles could be at least $36 billion within the markets in which Tembo is currently active, which presently do not include the United States, Asia or South America.

The purchase consideration will be $4.7 million, and VivoPower will have the option to acquire the remaining 49% of Tembo in the future.

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