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.
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(END) Dow Jones Newswires