Dive Brief:
- Arko Corp., parent company of GPM Investments, has entered into a memorandum of understanding with Apollo Power to develop solar projects at no fewer than 300 of its convenience stores, according to a Monday announcement.
- Once a deal is in place, Apollo is expected to handle the engineering, procurement, and construction for these projects, including design, installation and grid hookup. The value of that work is expected to be about $53 million over the next few years, the companies said.
- This will mark the first foray into the U.S. convenience store market for Apollo, which specializes in flexible solar panels meant to go on commercial and industrial roofs.
Dive Insight:
Arko expects the agreement to cut energy bills at these stores, since the solar panels will generate some of their needed electricity.
“This collaboration is about making our properties stronger, more efficient, and better positioned for the future,” said Arie Kotler, president and CEO of Arko, in the announcement.
This deal with Arko is expected to be the first step in Apollo’s expansion in the U.S. Since GPM Investments has more than 1,100 c-stores, there is also potentially room for Apollo to expand within Arko’s network if the initial outlay performs well.
The two sides hope to reach a final agreement within 60 days. The MOU is non-binding, so it’s possible a final deal won’t materialize.
“Our entry into the U.S. gas station market, together with a local strong partner operating thousands of stations across the country, clearly demonstrates our unique technological advantage — the ability to generate solar energy even from rooftops that cannot support traditional panels,” said Oded Rozenberg, CEO of Apollo Power, in the announcement.
Potentially adding solar equipment isn’t the only update GPM is making to its c-stores. The company announced during its latest earnings call that it would also be expanding its food-focused store rollout to another 20 to 25 sites, as well as updating its app in 2026.
Arko is not the only c-store retailer testing solar technology. Wawa has put panels on some of its stores, according to local reporting, while 7-Eleven uses solar energy in multiple states, according to its website.
