Amazon Orders Solar Project from Israeli Company Apollo Power, Boosting Shares

Israeli solar energy company Apollo Power received a new order from Amazon Europe for a solar project in France valued at approximately 2 million shekels. This order follows an ongoing collaboration between Apollo Power and Amazon that began in 2022, aimed at testing and deploying Apollo's solar solutions at Amazon's logistics sites across Europe. The companies are also exploring the possibility of installing similar systems at additional Amazon locations in France.

The project is driven by upcoming French regulations requiring solar panel coverage on at least half of parking lot areas larger than 1,500 square meters, with the mandate set to be implemented gradually from 2026 to 2028. Amazon reportedly has about seven other sites in France that could be suitable for Apollo Power's solar solutions.

Despite the positive market reaction to the announcement, Apollo Power's stock has struggled in recent years. The share price jumped about 10% following the news but remains far below its peak, having lost nearly 96% of its value over the past five years. The stock also declined roughly 28.3% in the last month and 42.2% over the past year. CEO Oded Rosenberg highlighted the ongoing partnership and regulatory context as key factors behind the project.

This development marks a notable, though isolated, uptick in Apollo Power's stock performance amid a long-term downward trend.