VivoPower International PLC announced that the Company has signed a definitive agreement with Bodiz International Group LLC (“Bodiz” or the “Distributor”) for Bodiz to distribute electric light vehicles (“e-LVs”) in Mongolia using e-LV conversion kits from VivoPower’s wholly-owned subsidiary Tembo e-LV B.V. (“Tembo”). Under the agreement, Bodiz intends to purchase 350 Tembo e-LV conversion kits through December 2026. The Company estimates these orders to be worth up to USD 29 million in potential revenue over the life of the Distribution Agreement. Bodiz will be responsible for acquiring original vehicles from Toyota, converting the vehicles to ruggedized e-LVs using the Tembo solutions, selling the units to end-customers and providing ongoing servicing and maintenance. The Tembo kits transform diesel-powered Toyota Land Cruiser and Hilux vehicles into ruggedized e-LVs for use in mining and other hard-to-decarbonize sectors, including construction and defense. Alongside solar generation, battery storage and on-site power distribution, Tembo e-LV products are a key component of VivoPower’s turnkey net-zero solutions for corporate decarbonization. This Distribution Agreement marks VivoPower’s fourth major distribution deal in 2021 for Tembo e-LVs across four continents and continues to advance the Company’s aim to build a global Tembo distribution network before the end of this year. The Company previously completed distribution deals with GB Auto Group in Australia and Acces Industriel Mining Inc. in Canada and has also announced a non-binding Heads of Terms with Arctic Trucks Limited for distribution of Tembo e-LVs in Norway, Sweden, Iceland and Finland. The latter deal is expected to be finalized in the coming weeks. Based in Ulaanbaatar, Bodiz has been distributing ruggedized SUVs and other heavy duty vehicles to the Mongolian market since its founding in 1997. In addition to Tembo vehicle distribution, the Distribution Agreement includes plans for Bodiz to send technicians to Tembo’s Netherlands headquarters to be trained in e-LV conversion, as well as a potential expansion of Bodiz’s facilities to service Tembo electric vehicles.