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VivoPower Shares Rise More Than 100% After Update On Solar Portfolio Sale, New Contracts

Tanzeel Akhtar

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 also said that its Australian power services businesses, Kenshaw Electrical Pty Limited and J.A. Martin Electrical Pty Limited, have secured additional contracts relating to solar farms and data centers worth $22.6 million.

With these new contracts, VivoPower's forward order book for power services has now increased to $51.5 million on the back of this and the previous contract wins in the data center, solar, agriculture, transport, mining and utility sectors, according to the company. 

This represents an increase of 53% in the last seven months and is another new all-time record high for the company's forward order book. VivoPower said it expects the contracts will be fulfilled within the next 12 months.

The stock was trading higher by 105.76% at $2.15 late in Monday's session. 

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