US-based battery technology, EV, and solar power company VivoPower, its subsidiary Tembo e-LV, and ruggedized vehicle converter Arctic Trucks entered into a non-binding heads of term for the latter to transform and distribute Tembo electric light vehicles in Norway, Sweden, Iceland, and Finland.
Under the proposed agreement estimated at $58 million, Arctic Trucks would commit to purchase 800 Tembo e-LV conversion kits through December 2026, acquire an equal number of Land Cruisers or Hilux from Toyota, convert the vehicles to ruggedized e-LVs, sell the units to and be retained by customers for 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.
Arctic Trucks, on the other hand, specializes in the re-engineering and conversion of four-wheel-drive vehicles for extreme conditions, particularly in the harsh polar regions.
“Tembo e-LVs are engineered and built to enable decarbonization through fleet electrification in some of the world’s harshest and most carbon-heavy industries,” Kevin Chin, VivoPower’s executive chairman and CEO, said in a media statement. “Arctic Trucks are no strangers to the challenges of engineering vehicles for ruggedized environments, and we look forward to working with them to help mining and other customers in the Nordic regions achieve net-zero carbon goals previously thought impossible.”
