Apollo Power Announces New Strategic Developments
Israeli Energy Tech Company Reports Significant Moves for Continued Global Market Expansion
Apollo Power reports this week on three strategic developments, including the signing of an agreement for solar system installation in Israel, approval of a prototype from an international client, and expansion of collaboration in North America.
Signing of Agreement for Solar System Installation in Israel. The agreement, valued at approximately 1 million NIS plus VAT (with final compensation to be determined based on actual installed capacity), includes production, supply, and installation of the company's flexible and lightweight solar products on a lightweight roof structure.
This system will replace a previous solar system that was installed on the same building, which included "semi-flexible" panels from another manufacturer and was removed due to recurring malfunctions and exceptionally low output. This replacement highlights the growing confidence in Apollo Power's unique technology, which enables reliable and efficient solar energy solutions even on roofs with weight limitations, while ensuring optimal performance over time.
Apollo Power records another important achievement after reporting approval of the prototype developed and demonstrated in the field for an international client. This approval represents a milestone for continuing a total order of approximately $440,000. As previously reported, this order initially included development of a prototype for one system, with its success being a prerequisite for supplying the remaining systems. Now, following the approval, the remaining systems will be supplied during 2025, and the remaining payment will be made according to agreed milestones. This success reflects Apollo Power's ability to develop innovative and customized solutions for complex international needs, and establishes its position in new markets.
Order from Sprague Energy, a leading partner in North America, with a financial scope of approximately 2 million NIS for "Apollo Panda" type panels designed to cover containers for storing hazardous materials.
Sprague Energy is a leading American company specializing in the distribution and marketing of fuel and energy products in the northeastern United States, operating fuel terminals and extensive logistics services for various energy products. This order grants Sprague Energy exclusivity to distribute Apollo Power's panels to the hazardous material storage tank market in the US and Canada for one year from March 2025. To maintain exclusivity, Sprague Energy must order additional panels in a similar amount during the first contract year, and in subsequent year reach an order volume of approximately 7 million NIS. This collaboration opens the door for Apollo Power to a market with high potential, positioning it as a leading supplier of solar energy solutions tailored to unique industrial applications.
