Tembo 4x4 e-LV B.V. announced that it has entered into an agreement to receive up to $10 million in an equity round of funding on June 28, 2023. The transaction will include participation from a private investment office backed by a member of the ruling Al Maktoum family of Dubai. The round is raised at a pre-money valuation of $120 million. VivoPower International PLC will continue to retain its majority stake in the company.

On the same date, the company received $2.5 million in its first tranche closing. The investor, under the agreement terms, retains the option to increase its cumulative investment in subsequent closings, up to US$10 million.