"LONDON, May 19, 2021 /PRNewswire/ -- VivoPower International PLC (NASDAQ: VVPR) (the "Company") is pleased to announce that the Company and its wholly-owned subsidiary, Tembo e-LV B.V. ("Tembo"), have entered into a non-binding Heads of Terms with Canadian industrial equipment distributor Acces Industriel Mining Inc. ("Acces") for Acces to distribute Tembo electric light vehicles ("e-LVs") in Canada.
Under the proposed agreement (the "Proposed Agreement"), Acces would commit to purchase 1,675 Tembo e-LV conversion kits through December 2026. Based upon the Company's estimates, these orders could be worth an estimated US$120 million in total value over the life of the Proposed Agreement, with a delivery schedule weighted towards the latter part of the Proposed Agreement period. The Proposed Agreement must be finalized prior to June 30, 2021, unless the parties agree to an extension, and all purchase commitments would be subject to the terms and conditions set forth in the final agreement."