International EV battery company to create $121M XRP treasury, adds former Ripple to board as chairman

VivoPower International announced on May 28 that it had agreed with investors for a $121 million private capital raise to fund the company’s transition into an XRP-focused treasury platform.

The company focuses on electric batteries, vehicles, and solar power solutions. Its subsidiary, Tembo, produces electric vehicles focused on “ruggedised electric mobility” for the mining and industrial sectors.

The transaction involves selling 20 million ordinary shares at $6.05 each, exceeding the previous market close of $6.04. His Royal Highness Prince Abdulaziz bin Turki Abdulaziz Al Saud led the round.

The offering includes participation from institutional digital asset investors, the investment office of VivoPower Chairman Kevin Chin, and other strategic stakeholders.

The funds will be used primarily to accumulate XRP and develop infrastructure that supports the XRP Ledger (XRPL) for real-world DeFi use cases. VivoPower will also allocate capital to reduce debt and support corporate operations.

The company views the treasury as complementary to the recently announced Strategic Bitcoin Reserve and Digital Asset Stockpile initiatives by the US government, which reportedly includes XRP as one of five core digital assets.

Board expansion along $121M XRP treasury

Adam Traidman, a former Ripple board member, has invested in the round and joined VivoPower’s board of advisors as chairman.

Traidman cited the strength of the XRPL ecosystem and said the move reflects broader institutional adoption of blockchain infrastructure.

Chairman Kevin Chin emphasized that VivoPower’s decision stems from firsthand experience with cross-border payments and the friction they create.

Chin said the company sees practical blockchain applications within its electric vehicle unit, Tembo, and mining infrastructure arm, Caret Digital. Both subsidiaries are scheduled for spin-off by the end of the third quarter.

The private offering is contingent upon shareholder approval, which will be sought at a meeting scheduled for June 18 or shortly thereafter.

The deal also requires fulfillment of customary conditions, including the absence of material adverse changes or termination of the purchase agreements.

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