On May 28, VivoPower International revealed an agreement with investors for a $121 million private capital raise intended to support its shift toward establishing a treasury platform centered on XRP.
The firm specializes in electric batteries, solar energy systems, and electric vehicles. Its branch, Tembo, manufactures EVs tailored for “ruggedised electric mobility,” primarily serving the industrial and mining industries.
The deal includes the issuance of 20 million common shares priced at $6.05 per share, slightly above the prior market close of $6.04. The funding round was spearheaded by His Royal Highness Prince Abdulaziz bin Turki Abdulaziz Al Saud.
A total of 20 million common shares were issued at a price of $6.05 each, slightly surpassing the previous market close of $6.04. His Royal Highness Prince Abdulaziz bin Turki Abdulaziz Al Saud led the funding round, directing investor participation.
The capital raised is intended chiefly for acquiring XRP and building infrastructure that enhances the XRP Ledger (XRPL) for practical DeFi applications. VivoPower additionally plans to use a portion of the funds to lower its debt and maintain operational stability.
The firm considers its treasury initiative to align with the U.S. government’s recently unveiled Strategic Bitcoin Reserve and Digital Asset Stockpile plans, which are said to feature XRP among five principal digital currencies.
VivoPower Expands Board Amid $121M XRP Treasury Initiative
Adam Traidman, previously a board member at Ripple, has made an investment in the funding round and now serves as the chairman of VivoPower’s advisory board.
Traidman pointed to the robustness of the XRPL ecosystem, stating that the decision mirrors the growing institutional embrace of blockchain infrastructure.
Chairman Kevin Chin highlighted that VivoPower’s choice was driven by direct experience navigating the challenges and inefficiencies of cross-border transactions.
Chin stated that practical uses for blockchain have been identified by the company in its electric vehicle division, Tembo, as well as in its mining infrastructure subsidiary, Caret Digital. Plans are in place to spin off both units by the conclusion of the third quarter.
The company plans to seek shareholder approval for the private offering during a meeting set for June 18 or soon after.
The agreement must also meet standard conditions, such as no significant adverse developments and the continued validity of the purchase agreements.
