Orders pursuant to Tembo’s previously announced joint venture with Francisco Motors
Established in 1947, Francisco Motor Corporation is the original pioneering jeepney manufacturer
Total addressable market to electrify 200,000 existing jeepneys estimated to be worth US$10bn+
LONDON, Jan. 17, 2024 (GLOBE NEWSWIRE) — Tembo E-LV BV (“Tembo”), a subsidiary of the NASDAQ listed B Corp, VivoPower International PLC (NASDAQ:VVPR, “VivoPower”))))), announced today that, pursuant to its definitive joint venture agreement with Francisco Motor Corporation (“Francisco Motors”), it has been advised by Francisco Motors of a total of 1,300 order commitments received from several leading jeepney co-operatives in the Philippines, including Laguna, First Isabela, Progressive and Cazanova.
Elmer Francisco, Chairman of Francisco Motors, said: “We are excited to have procured 1,300 order commitments worth an estimated US$30 million from leading jeepney co-operatives that have paid or committed to paying non refundable deposits to secure their slots for the assembly of e-jeepneys that we are building with the support of our partner, Tembo. Our shared purpose of wanting to revive the Philippines jeepney industry in an environmentally friendly and sustainable manner, improve livelihoods and create jobs for local Filipinos is a fundamental driver of what we see as an enduring long term relationship between our customers, E-Francisco Motors as well as Tembo.”
