EV Battery Giant Bets Big on XRP—$121M Treasury Plan and Ex-Ripple Exec at the Helm

A major player in the international EV battery space is making a crypto power move—allocating a staggering $121 million to build an XRP treasury. Adding fuel to the fire? They’ve just appointed a former Ripple heavyweight as board chairman.

This isn’t just a dip into digital assets—it’s a cannonball. The move signals growing institutional confidence in XRP’s utility, even as traditional finance skeptics scoff at ‘volatile’ crypto experiments. (Meanwhile, those same critics are probably still processing checks via 1970s-era banking rails.)

The appointment of a Ripple veteran suggests this isn’t just a speculative play—it’s a strategic alignment with blockchain-based payment infrastructure. Whether this triggers a domino effect in heavy industries remains to be seen, but one thing’s clear: the energy sector’s crypto ambitions are charging up fast.

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.