VivoPower International PLC (VVPR) (“VivoPower” or the “Company”), an international solar and power services company, is pleased to provide an update on the status of its US solar portfolio sale. In addition, the Company has secured a power purchase agreement (“PPA”) for one of its projects and has started to engage with large corporates with a view to securing additional PPAs directly. The Company would also like to announce that its Australian power services businesses, Kenshaw Electrical Pty Limited (“Kenshaw”) and J.A. Martin Electrical Pty Limited (“J.A. Martin”), have won additional contracts relating to solar farms and data centers worth US$22.6 million.
VivoPower International PLC (VVPR) (“VivoPower” or the “Company”), an international solar and critical power services company, today announced its financial results for the year ended March 31, 2019. “Fiscal 2019 has seen a significant improvement in results for VivoPower, reflecting a strong turnaround in performance during the second half of the year,” said Art Russell, VivoPower’s Interim Chief Executive Officer. “We are particularly pleased with the performance of our critical power services businesses, which have strongly outperformed, delivering 28% year-over-year growth in revenue (excluding currency changes).
VivoPower is an international solar and critical power services business, providing critical energy infrastructure generation and distribution solutions to a diverse range of commercial and industrial customers, including the development, construction, and sale of photovoltaic solar projects.
VivoPower International PLC (NASDAQ:VVPR) is a small-cap stock with a market capitalization of US$18m. While investors...
In addition, we remain very focused on driving value creation for our US solar portfolio with a view to maximizing proceeds from monetization. VivoPower is an international solar and critical power services business, providing critical energy infrastructure generation and distribution solutions to a diverse range of commercial and industrial customers, including the development, construction, and sale of photovoltaic solar projects. This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws.
On April 20, 2020, VivoPower International PLC (the “Company”) received a letter from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that given the recent unprecedented turmoil in financial markets depressing equity prices for a significant number of companies that otherwise remain suitable for continued listing, Nasdaq has determined to toll the compliance periods for the bid price and market value of publicly held shares (“MVPHS”) requirements (collectively, the “Price-based Requirements”) through to June 30, 2020. This is a positive development for the Company, which as a result of the unprecedented sell off in equity markets during March 2020 and continued turmoil since then, fell into non-compliance with Nasdaq Listing Rule 5550(a)(2), requiring that companies listed on the Nasdaq Capital Market maintain a minimum closing bid price of at least $1.00 per share, for 30 consecutive business days.
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VivoPower International PLC (NASDAQ: VVPR ) shares traded sharply higher Monday after the company announced new parties have engaged in the company's U.S. solar portfolio sale. VivoPower International ...
VivoPower International PLC (VVPR) (“VivoPower” or the “Company”), an international solar and critical power services company, is pleased to announce that it has sold its remaining Sun Connect portfolio of 53 operating solar projects spread across five Australian states for US$1.1 million. VivoPower originally acquired the Sun Connect portfolio of 68 commercial and industrial sites totaling 1.6 MW in December 2015 and individual projects have been sold in the intervening period. Over the life of the Company’s investment, the sale represents a 2.0x multiple of invested capital and an unlevered IRR of 20.1% before tax. The Company would also like to announce that its Australian critical power services business, J.A. Martin Electrical Pty Limited (“J.A. Martin”), has won two additional contracts for solar farm construction worth US$3.0 million. This represents their third and fourth major contracts for construction of solar projects in the past year and confirms that their intentional strategic shift to pursue the expanding solar EPC market in Australia is beginning to pay dividends.
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