By Chris Wack

VivoPower International Plc said Friday it entered into a design services agreement with Toyota Motor Corp. Australia Ltd. for its wholly owned subsidiary, Tembo e-LV, to work on electrification of the Toyota LandCruiser 70 for off-road applications.

The company said the agreement is part of Tembo's collaboration program with Toyota Australia, which was initially announced as a binding letter of intent in June 2021. VivoPower has established a Tembo subsidiary in Australia.

VivoPower shares rose 12% to $1.77 in premarket trading.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

05-20-22 0929ET