- AWN Holdings’ (AWN) shares soar on the back of a US$120 million (roughly A$158.8 million) deal with a Canadian distributor
- AWN’s subsidiary, VivoPower, signs the five-year deal with Acces Industriel Mining for it to distribute electric light vehicles (e-LVs) in Canada using VivoPower subsidiary, Tembo’s, e-LV conversion kits
- These kits transform diesel-powered Toyota vehicles into e-LVs for the mining, construction and defence sectors to reduce carbon emissions
- VivoPower plans to complete a global Tempo distribution network by the end of the year with discussions ongoing in other parts of the world
- On the back of this news, AWN’s shares were up as much as 62.5 per cent to trade at $1.30 but have now softened to a 48.1 per cent gain to trade at $1.19
AWN Holdings’ (AWN) shares soared over 62 per cent earlier today on the back of a US$120 million (roughly A$158.8 million) deal.
AWN’s subsidiary, VivoPower, signed a five-year agreement with industrial equipment distributor, Acces Industriel Mining, for it to distribute electric light vehicles (e-LVs) in Canada.
Acces will distribute e-LVs using VivoPower’s wholly-owned subsidiary, Tembo’s, e-LV conversion kits.
Specifically, the Canadian company will purchase 1675 EV conversion kits between now and December 2026.
Essentially, Tembo’s kits transform diesel-powered Toyota LandCruiser and Hilux vehicles into ruggedized e-LVs for use in mining, construction and defence sectors as part of its goal to reduce carbon emissions.
Under this agreement, Acces will be responsible for acquiring original Toyota vehicles and converting them to e-LVs using Tembo’s conversion kits. Then, the transformed vehicles will be sold to end-customers who’ll receive ongoing service and maintenance.
“We are very pleased to have finalised this distribution agreement with Acces, which will provide the springboard for VivoPower to deliver our Tembo e-LVs and complementary sustainable energy solutions to Canadian customers,” VivoPower CEO and Executive Chairman Kevin Chin said.
VivoPower chose Acces to be its distribution partner in Canada because of its long-term experience supplying and servicing Toyota LandCruisers, as well as its established relationships with industry partners.
“As demand for net-zero solutions continues to increase, we look forward to working with VivoPower and Tembo to provide the electric vehicle solutions our customers demand,” Acces CEO Jean Dion said.
Looking ahead, VivoPower plans to complete a global Tempo distribution network by the end of the year with discussions ongoing across other continents in the world.
On the back of this news, AWN’s shares were up as much as 62.5 per cent to trade at $1.30 but have now softened to a 48.1 per cent gain to trade at $1.19 at 11:02 am AEST.