Israeli solar tech company Apollo Power said Wednesday it has renewed its project with German automaker Volkswagen in a deal valued at 14.5 million euros ($15.8 million), even as the firm posted a deeper second-quarter loss.
Under the agreement, Apollo Power’s flexible solar sheets, manufactured at its plant in Yokneam, will be installed on the roofs of certain Volkswagen electric vehicles to help charge their batteries. The project, paused last September, was revived in March on revised terms. The company said Wednesday it has now received formal approval to proceed, with installations slated to begin in November 2026 and continue for eight years.
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Oded Rosenberg, CEO of Apollo Power, with one of the company’s solar sheets
(Photo: Rami Zarnegar)
Shares of Apollo Power surged more than 16% earlier in the day on the Tel Aviv Stock Exchange before settling with a gain of over 5% following the announcement.
Apollo Power, led by CEO Oded Rosenberg, specializes in lightweight solar films that can be fitted to building rooftops unable to support the weight or structure of conventional solar panels.
Alongside the Volkswagen news, the company released its second-quarter 2025 earnings. Revenue fell 6% to 3.2 million shekels ($850,000). Research and development spending rose by 2 million shekels to 15.1 million shekels ($4 million).
The company reported a quarterly net loss of 21 million shekels ($5.6 million), compared with a loss of 19 million shekels in the same period last year.