Another 330 million shekel deal: The stock that already jumped 79% is not stopping
Elmor Hashmal won a huge tender from the Israel Electric Corporation to build storage facilities across the country — another link in the chain of orders that made it one of the hottest stocks on the stock exchange. What is behind the surge, and can this pace continue?
Elmor Hashmal continues to accumulate orders, and this time it is one of the largest deals it has recorded. The company, which specializes in the construction of projects and electricity and energy infrastructure, announced that it won a tender from the Israel Electric Corporation to build storage facilities at its sites — a deal expected to inject about 330 million shekels into its coffers.
According to the report, the tender includes the construction of storage facilities and the supply of batteries for up to 10 substation complexes owned by the Israel Electric Corporation, spread nationwide and with a total capacity of about 400 megawatt-hours.
Elmor will serve as the construction contractor in an EPC format — meaning it is responsible for the entire execution chain: planning, equipment procurement including batteries, engineering, and execution as the main contractor. The construction period for each site is expected to last up to 14 months from the date of receiving the work commencement order, and the Israel Electric Corporation will be able to issue such orders for two years from the date of signing the agreement.
A point to note: alongside the main project, Elmor received an option to also enter into a future maintenance agreement for those same facilities — a potential additional income, even if the company notes that its scope is not material for it.
And this is not Elmor's only win today. At the same time, the company reported another win — this time through Elmor Renewable Energies, a wholly-owned partnership — in three tenders of an international energy company operating in Israel.
Here too, Elmor will serve as an EPC contractor and will build several solar fields with integrated storage in the south of the country, with a total scope of about 200 million shekels. The work commencement order is expected by the beginning of 2027, and the longest of the projects is expected to last about two years.
Alongside this, an interesting deal was recorded in the supply chain: Hithium, a Chinese battery manufacturer exclusively represented in Israel by the Zing partnership (in which Elmor holds about 67%), won a contract to supply the customer with storage systems with a capacity of about 1.4 gigawatt-hours for about 180 million dollars. It is important to be precise here: this amount flows to the battery manufacturer and not to Elmor itself, but Zing is expected to receive a support commission in the amount of a few million shekels.
To understand the enthusiasm, one must look at the big picture. The electricity market in Israel is undergoing a transformation: the transition to renewable energy creates a growing need for storage facilities, which allow for storing solar electricity during the day and releasing it during peak demand hours.
At the same time, the global wave of investments in artificial intelligence and server farms is creating huge demand for electricity, cooling, and high-voltage infrastructure. Elmor sits exactly at this intersection and is succeeding in translating these trends into a line of orders.
And this is not the first win. In recent months, the company reported a series of projects in the field of server farms — including a deal of about 133 million shekels for electromechanical works in the north, and an expansion of another project to about 224 million shekels. Elmor finished 2025 with an order backlog that crossed the 1.5 billion shekel mark for the first time.
The market is already pricing in a significant part of the optimism. Elmor's stock has risen about 27% since the beginning of 2026 and about 79% in the last year, to a market value of about 947 million shekels — which makes it one of the most prominent stories on the stock exchange. For those who hold the stock, directly or through a pension fund and training fund, this is a significant return.
But precisely after such a sharp rally, it is worth remembering the risks as well. The Israel Electric Corporation reserves the right to stop the works before their completion, the engagement is subject to approvals from third parties, and the estimates regarding the project scope and timelines are themselves defined as forward-looking information that may not materialize. Beyond that, a stock that has already climbed so high reflects high expectations — and any slowdown in the pace of orders could quickly let the air out of it.
Bottom line: Elmor is enjoying a real tailwind, and the fields of storage and server farms provide it with a growth engine that is hard to ignore. But after such a rise, the question is no longer whether the trend is strong — but how much of it has already been priced in.
