RTTNews | Jan 25, 2021 09:52AM EST

09:51 Monday, January 25, 2021 (RTTNews.com) - Shares of VivoPower International PLC (VVPR) are gaining about 30% on Monday morning after the company signed a deal for its Tembo Toyota Electric Vehicle Solutions worth about $250 million.

VVPR is currently trading at $18.02, up $4.14 or 29.86%, on the Nasdaq.

VivoPower International and its 51% subsidiary, Tembo e-LV B.V., signed an agreement with GB Auto Group Pty Limited and GB Electric Vehicles Pty Ltd. GB Auto is expected to purchase at least 2,000 Tembo electric conversion kits in the first four years of the agreement.

Combined with the value of the converted Toyota vehicles, VivoPower expects the orders to be worth an estimated $250 million in revenues over the four-year period, with the first deliveries scheduled for mid-2021.

GB Auto is Australia's exclusive distributor of the Tembo electric Toyota Land Cruiser, electric Toyota Hilux, and Tembo electric vehicle conversion kits.

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