VivoPower’s Tembo Launches KOVA, its 4WD All-Electric Dual-Motor Platform and Utility Pickup Truck

Tembo KOVA is a five-seat dual-cab electric pickup truck with a motor on each axle, configured for demanding off-road and rugged on-road B2B fleet applications

Tembo KOVA will be available in Australia, New Zealand, the Philippines and Nepal

88 kWh CATL LFP battery with OEM partner manufacturer-stated range of up to 510 km (CLTC) and 460 km (WLTP)

Payload of up to 1,200 kg, braked towing capacity of up to 3,000 kg, gross vehicle mass (GVM) of 3,520 kg and gross combination mass (GCM) of 6,520 kg

Peak combined output of up to 200 kW and 485 Nm; DC fast charging from 20% to 80% in approximately 45 minutes through a CCS port

Tembo KOVA sits alongside the Tembo Tusker and Tembo EUV E-Power (E-Conversion) models, giving fleet customers the choice of a new electric vehicle or electrification of an existing one

LONDON, UK / EINDHOVEN, NETHERLANDS, Nov. 13, 2026 (ZM NEWSWIRE) — VivoPower PLC (Nasdaq: VIVO) (“VivoPower” or the “Company”), a leading B Corp-certified global developer and owner of powered land and data center infrastructure for AI compute applications, today announced that its electric vehicle subsidiary, Tembo e-LV B.V. (“Tembo”), has launched Tembo KOVA, a new all-electric four-wheel-drive (4WD) truck. Tembo KOVA is intended for fleet customers seeking a practical electric utility pickup for demanding off-road and on-road applications, including mining, agriculture, energy, construction, infrastructure, government and safari tourism.

KOVA stands for Kinetic Off-road Vehicle Architecture, Tembo’s dual-motor electric 4WD pickup offering configured for demanding off-road terrain and rugged on-road fleet duty.

Kevin Chin, Executive Chairman and CEO, said: “Most of the fleet operator demand we see across our key markets is for 4WD utility pickup trucks, based on our in-the-field customer business development activities across multiple industries. The introduction of Tembo KOVA adds a 4WD electric utility pickup well suited to demanding off-road and rugged on-road fleet use cases, positioning Tembo to address growing customer interest driven by high and volatile diesel prices in our key markets. We are pleased to be able to offer the Tembo KOVA to fleet operators in Australia, New Zealand, the Philippines and Nepal. In turn, adding a dedicated 4WD pickup to our lineup is expected to help Tembo compete in the fast-growing electric 4WD pickup segment and support its path toward profitable growth.”

Addressable Markets

Tembo estimates that approximately 223,000 new four-wheel-drive (4WD) pickup trucks will be sold in 2026 across the four markets in which Tembo KOVA will be offered, with an estimated annual market value of approximately US$9 billion covering all powertrains, at current retail prices; these estimates are not the battery-electric market or a forecast of Tembo sales. Australia is the largest of these markets, accounting for approximately 83% of estimated 2026 units and 86% of estimated value.

Electrification of the 4WD pickup segment in these markets is increasing off a low base, with battery-electric 4WD pickups effectively absent in 2024 as initial offerings have only recently been introduced. Based on Company estimates derived from industry registration, import and model-level data, battery-electric 4WD pickup sales across the four launch markets are estimated to have grown from approximately 100 units in 2025 to an annualized pace of approximately 1,200 units in 2026. This still accounts for less than 1% of new 4WD pickup sales. In the table below, the 2026E EV and hybrid column is broader than battery-electric models and also includes plug-in hybrid and full-hybrid 4WD pickups.

The table below sets out Tembo’s estimates of new pickup truck sales in each launch country. Four-wheel-drive models account for approximately 80% of the approximately 278,000 new pickups estimated to be sold across the four markets in 2026. The 4WD share is highest in Australia and New Zealand, at approximately 89% in both markets, and lower in the Philippines and Nepal, at approximately 32% and 25% respectively.

Estimated 4WD Pickup Markets in Tembo KOVA Launch Countries¹

Market	All new pickups, 2026E (units)2	New 4WD EV and hybrid pickups, 2026E (units)3	New 4WD pickups, 2026E (units)3	Est. market value p.a., 2026E (local currency)4	Est. market value p.a., 2026E (US$)5
Australia	~209,000	~24,800	~186,400	A$11.2 billion	US$7.7 billion
New Zealand	~27,000	~2,950	~24,000	NZ$1.48 billion	US$0.8 billion
Philippines	~38,000	~2,300	~12,000	PHP 26.8 billion	US$0.4 billion
Nepal6	~4,180	~50	~1,030	NPR 6.8 billion	US$0.1 billion
Total	~278,000	~30,100	~223,400	n/a	~US$9.0 billion

¹ “All new pickups” covers every new pickup truck sold, both two-wheel drive (4×2) and four-wheel drive (4×4), across all powertrains. “New 4WD pickups” is the four-wheel-drive subset only, which is the segment in which Tembo KOVA competes. Two-wheel-drive pickups, which make up most of the pickup market in the Philippines and Nepal, are excluded from the 4WD columns and from the estimated market values.

² Company estimates of all new pickup trucks, two-wheel drive and four-wheel drive. Australia: Federal Chamber of Automotive Industries (FCAI) VFACTS 4×2 and 4×4 pickup/cab-chassis segments under A$100,000, with 2026E based on annualized January to October 2026 VFACTS 4×2 and 4×4 sales; excludes approximately 9,000 US full-size pickups a year. New Zealand: estimated from reported 4×2 and 4×4 registrations. Philippines: based on industry association reporting (excluding the Toyota Tamaraw utility vehicle) without the non-reporting-distributor adjustment included in the 4WD estimate in note 3; the implied Philippine 4WD share therefore reflects different coverage bases. Nepal: all pickup imports, including single cab and electric models, for fiscal year 2082/83.

³ Company estimates. Australia: 2026E based on FCAI VFACTS January to October 2026 4×4 pickup sales plus November to December 2025 sales adjusted for the year-to-date change. New Zealand and the Philippines: estimated from industry light commercial vehicle data and model-level 4×4 shares, as no official 4WD pickup series is published. Excludes US full-size pickups. EV and hybrid 4WD pickups (a subset of New 4WD pickups) include battery-electric, plug-in hybrid (including externally chargeable range-extended) and full-hybrid 4WD pickups, and exclude 48-volt mild hybrids and two-wheel-drive models. These are rounded Company estimates derived from available sales, registration and import data and assumed model and drivetrain mixes, within estimated ranges of approximately 23,900 to 26,100 units for Australia, 2,790 to 3,115 for New Zealand, 1,400 to 3,400 for the Philippines and 30 to 85 for Nepal. Nepal uses fiscal year 2082/83 imports as a proxy for sales. Philippine 4WD pickup estimates include an adjustment of approximately 2,000 units for distributors that do not report to the industry association, and Philippine EV and hybrid estimates are particularly uncertain.

⁴ Units multiplied by estimated average retail prices including local taxes: Australia A$60,300 (list price before on-road costs); New Zealand NZ$61,500; Philippines PHP 2.23 million; Nepal NPR 6.6 million. Figures represent total retail spend across all powertrains and are not a forecast of Tembo KOVA sales or revenue.

⁵ Converted at exchange rates on November 13, 2026: A$1 = US$0.6805; NZ$1 = US$0.5546; US$1 = PHP 63.56; US$1 = NPR 150.78.

⁶ Nepal: estimated from Department of Customs pickup import data and an assumed 4×4 share. 2026E is fiscal year 2082/83 (mid-July 2025 to mid-July 2026). This period is not directly comparable with the calendar-year estimates for the other markets.

Expanding Fleet Electrification Options

Tembo KOVA joins the Tembo Tusker (100% Electric) and Tembo EUV E-Power (E-Conversion) models, giving fleet operators a broader choice of electric utility solutions. Depending on fleet replacement cycles, operating conditions and total cost of ownership, Tembo can support customers considering either a new electric vehicle or the electrification of an existing vehicle.

Tembo’s fleet engagement approach considers duty cycles, load requirements, charging needs and potential operational savings. Aftersales support, parts availability and application-specific requirements form part of those customer discussions.

Vehicle Overview and Key Specifications

The five-seat dual cab combines an 88 kWh lithium iron phosphate (LFP) battery from CATL with a dual-motor 4WD drivetrain, for a manufacturer-stated range of up to 510 km on the CLTC laboratory test cycle and 460 km on the WLTP cycle. The front motor delivers up to 70 kW and 165 Nm, and the rear motor delivers up to 130 kW and 320 Nm. Peak combined output is up to 200 kW and 485 Nm of torque.

Tembo KOVA has front coil springs, rear leaf springs, four-wheel disc brakes and a manufacturer-stated maximum payload of up to 1,200 kg and manufacturer-stated braked towing capacity of up to 3 metric tons (3,000 kg). AC and DC charging are supported through a CCS port, with DC charging from 20% to 80% in approximately 45 minutes. Manufacturer-listed safety equipment includes autonomous emergency braking (AEB), stability control, ABS with electronic brake-force distribution, hill hold, an electronic parking brake and front airbags. The cabin features a 12.3-inch display with Apple CarPlay and Android Auto. CATL, Apple CarPlay and Android Auto are trademarks of their respective owners.

Tembo KOVA: Key Specifications

Drivetrain	Four-wheel drive; front and rear motors
Battery	88 kWh LFP, CATL
Peak motor power	Front 70 kW; rear 130 kW
Peak motor torque	Front 165 Nm; rear 320 Nm
Peak combined output	200 kW; 485 Nm
Range	Up to 510 km (CLTC) and 460 km (WLTP); laboratory cycles, manufacturer-stated
DC charging (20% to 80%)	Approximately 45 minutes, CCS
Towing capacity	Up to 3 metric tons (3,000 kg), braked (within GCM)
Payload	Up to 1,200 kg (manufacturer-stated; reduced by occupants, options and tongue weight)
GVM and GCM	3,520 kg and 6,520 kg respectively
Curb weight	2,180 kg
Dimensions (L × W × H)	5,624 × 1,920 × 1,865 mm
Wheelbase	3,513 mm
Ground clearance	200 mm
Tray (dual cab)	1,810 × 1,620 × 515 mm
Seating	5
Top speed	120 km/h

Note: Specifications are manufacturer-stated figures for the reference configuration and remain subject to change, local homologation and final market configuration. Maximum payload and towing cannot necessarily be achieved simultaneously. CLTC range, which typically yields higher figures than WLTP, and DC charging times are laboratory or test figures; actual range and charging speeds vary with load, towing, terrain, weather and charger output.

About VivoPower

Originally founded in 2014 and listed on Nasdaq since 2016, VivoPower is an award-winning B Corporation with data center and powered land infrastructure across Norway, Finland, and the United Arab Emirates. The Company’s mission is to be the independent, trusted partner for sovereign nations that develop and operate sustainable data center infrastructure, ensuring sovereign control over power, data, and national intelligence. In doing so, VivoPower helps sovereign nations bridge the gap between their energy assets and their AI ambitions by providing the Power-to-X infrastructure necessary to build and control their own domestic intelligence hubs.

About Tembo

Tembo provides electric utility vehicle solutions for ruggedized off-road, on-road and customized fleet applications across sectors including mining, agriculture, energy, construction, infrastructure, government and safari tourism. Its portfolio includes new electric utility vehicles and conversion solutions designed to help fleet owners evaluate electrification opportunities and optimize asset utilization. Tembo is a subsidiary of VivoPower.

Forward-Looking Statements

This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the specifications, performance, pricing and availability of Tembo KOVA, anticipated interest from customers and fleet operators, the expansion of Tembo’s fleet electrification portfolio, estimates of the size, value and growth of the markets for new 4WD pickup trucks and battery-electric 4WD pickup trucks in Australia, New Zealand, the Philippines and Nepal, or the benefits of the events or transactions described in this communication. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty, and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes, and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. Specifically in relation to Tembo KOVA, vehicle specifications and performance figures are stated figures that may be subject to change, range figures are based on the CLTC and WLTP laboratory test cycles and actual range will vary, and the timing, locations, pricing and ordering arrangements for the vehicle have not yet been finalized. Commercial availability in each market is subject to local vehicle homologation and regulatory approvals, with market-specific specifications, pricing, ordering arrangements and delivery timing to be confirmed. Market size, market value and electric vehicle sales figures are Company estimates derived from third-party industry and customs data, modeled assumptions, average retail prices and exchange rates as of November 13, 2026; they are not forecasts of Tembo KOVA sales or revenue, and actual market volumes, prices and growth may differ materially. Additional risks include reliance on third-party vehicle and battery suppliers; delays in or failure to obtain market-specific homologation and other approvals; changes to specifications following validation or customer trials; supply, logistics, warranty, servicing and parts constraints; charging availability; changes in vehicle taxes, incentives and energy prices; and failure to convert customer interest into orders, deliveries and profitable sales. Market estimates involve classification, reporting-period, pricing and exchange-rate assumptions, and historical figures are not forward-looking statements merely because they are described as estimates. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise, except as required by applicable law.

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