ARKO's GPM Investments Unit Signs ~$35M MoU With Apollo Power For Solar Systems Company's Network Facilities

GPM Investments, LLC (GPM), a U.S.-based company wholly owned by ARKO Corp. (Nasdaq: ARKO), one of the largest operators and distributors in the gas station and convenience store sector in the United States, and a Fortune 500 company, announced today the signing of a non-binding Memorandum of Understanding (MOU) with Apollo Power.

The parties expect to finalize binding agreements within 60 days. During this period, Apollo has been granted exclusivity for developing solar projects at designated sites. Under the agreements, GPM will evaluate the deployment of Apollo Power's flexible solar energy solutions at no fewer than 300 sites across the U.S. This large-scale turnkey project would include engineering, procurement, and construction (EPC) services - design, engineering, installation, and grid connection - with an estimated cumulative value of approximately $53 million, expected to span roughly a few years.

This initiative marks a significant entry for Apollo Power into the vast U.S. gas station market, in collaboration with a major player with extensive reach. The ARKO network operates or distributes fuel to more than 3,500 gas stations and convenience stores and fleet fueling locations, with strong geographic coverage in more than 30 U.S. states.