After crashing by 96%: The order from Amazon that is boosting the Israeli company
Apollo Power received an order from Amazon Europe for a solar project in France worth about 2 million shekels; the stock jumped by about 10%, but is still far from its peaks after losing almost 96% in five years.
Shares of the Israeli company Apollo Power are jumping this morning by about 10% on the Tel Aviv Stock Exchange, after the company reported receiving an order from Amazon Europe to carry out a solar project in France in the amount of about 2 million shekels.
As part of the project, Apollo Power will install solar roofing for a parking lot for employees of an Amazon logistics center in France. The company will be responsible for the design, engineering, construction, and connection of the system to the power grid, using the EPC method. The system will be based on light and flexible solar panels that the company produces through its subsidiary, SolarPaint.
The order is a continuation of the cooperation between Apollo Power and Amazon, which began in 2022 and is intended to test and deploy the company's solutions at logistics sites of the e-commerce giant across Europe. The company noted that the parties are examining the possibility of establishing similar systems at additional sites.
Behind the project is regulation in France that requires the installation of solar roofing on at least half of the area of parking lots that exceed 1,500 square meters in size. The obligation is expected to come into effect gradually between 2026 and 2028. According to Apollo Power, Amazon has about seven additional sites in France that may be suitable for the solution.
CEO of Apollo Power, Oded Rosenberg, said:
"The fact that the tech giant Amazon, one of the largest and most influential companies in the world, chooses to deepen the cooperation and continue working with us - speaks for itself. We will quickly complete the current project in France, and are already looking towards a broad horizon of additional joint activities - the companies are examining the establishment of similar systems and solutions at a number of additional Amazon sites across Europe in the near future."
Despite the positive response to the announcement, Apollo Power's stock has not exactly been a hot investment in recent years. In the last month, the stock lost about 28.3%, in the last year it fell by about 42.2%, and in the last five years it plummeted by about 95.8%. So while today's jump is prominent, in a broad perspective it still looks like a point correction within a prolonged downward trend.
