VivoPower International PLC (NASDAQ: VVPR) has proclaimed it has arrived into an obligatory Dispatch of Intent with Toyota Motor Corporation Australia Limited to generate a partnership sequencer between the two companies. This partnership will support the electrification of Toyota Landcruiser automobiles using adaptation tackles aimed at and factory-made by VivoPower’s wholly-owned electric vehicle supplementary, Tembo e-LV B.V.
The obligatory agreement sets out the standings for acquiring initial properties and facilities and the foundation upon which a Master Services Agreement is projected to be confirmed to oversee an electric vehicle adaptation enterprise between the two companies. The final footings of the MSA are under mediation. Still, upon conclusion, it is envisioned that VivoPower would convert Toyota Australia’s select associate for Landcruiser 70 electrification for a passé of five years, with an added two-year possibility.
Kevin Chin, Executive Chairman and CEO of VivoPower, said: “We are tremendously satisfied to be cooperating with Toyota Motor Corporation Australia. It is part of the domain’s main original equipment manufacturer on the electrification of their Landcruiser automobiles with our Tembo adaptation tackles. The Landcruiser is the automobile of prime international for excavating and other ruggedized businesses. This enterprise with Toyota Australia is a proof to the exceptional latent of Tembo’s know-how to decarbonize conveyance in some of the biosphere’s roughest and firmest to decarbonize businesses. More prominently, it is a marvelous chance for us to work straight with Toyota Australia to augment the Tembo creation and transport it to more clienteles around the domain, assisting them to attain their net zero carbon purposes in the course.”
While the MSA is still confirmed, the LOI is a compulsory arrangement between VivoPower and Toyota Australia to begin a partnership on Landcruiser electrification labors. VivoPower and Toyota Australia aim to confirm the MSA as soon as feasible.