VivoPower plans EV conversion partnership with Toyota Australia

VivoPower International PLC has entered into a binding Letter of Intent (LOI) with Toyota Motor Corporation Australia Limited (Toyota Australia) to create a collaboration program between VivoPower and Toyota Australia for electrification of Toyota Landcruiser vehicles using conversion kits designed and manufactured by VivoPower’s wholly-owned electric vehicle subsidiary, Tembo e-LV B.V. (Tembo).

The binding LOI sets out the terms for the purchase of preliminary goods and services and the basis upon which a Master Services Agreement (MSA) is expected to be finalized to govern an electric vehicle conversion partnership between VivoPower and Toyota Australia. Final terms of the MSA are under negotiation, but upon completion, it is intended that VivoPower would become Toyota Australia’s exclusive partner for Landcruiser 70 electrification for a period of five years, with a further two-year option (seven years in total).

While the MSA is still to be finalized, the LOI is a binding agreement between VivoPower and Toyota Australia to begin collaboration on Landcruiser electrification efforts.

BorgWarner has agreed to acquire the electric vehicle solution, smart grid and smart energy businesses of Hubei Surpass Sun Electric (SSE). The transaction has an enterprise value of up to RMB 410 million (approx. $59.36 million).

Headquartered in Xiangyang, Hubei province, China, SSE’s electrification business supplies patented electric vehicle charging solutions to customers in China and more than 70 other countries. SSE says it has delivered over 50,000 charging points and has led the engineering, procurement, and construction (EPC) of more than 250 charging station sites. SSE’s charging and electrification capabilities in China are expected to complement BorgWarner’s existing capabilities in Europe and North America, the companies say. SSE’s 2022 revenues for the electrification business are expected to be approximately RMB 180 million (approx. $26.06 million).