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  • A2Z Technologies (TSXV:AZ) has landed a contract with the Israel Electric Company
  • The new agreement is an extension of three pre-existing contracts that A2Z already has with the IEC
  • Starting in March 2020, the exclusive contract will last for two years
  • This development is just the latest in a series of contracts that A2Z has recently won in Israel
  • A2Z Technologies (AZ) is up 1.45 per cent and is currently trading at C$0.70 per share

Military-grade technology company, A2Z Technologies (TSXV:AZ), has landed yet another contract in Israel, this time with the Israel Electric Company (IEC).

The agreement with the IEC is the latest of several that A2Z has recently won in Israel. In the last six weeks alone, A2Z has announced deals with the Israel Police, the Israeli Ministry of Defense, and an Israel-based defense technology conglomerate.

The IEC is a public, government-owned business that generates and supplies electricity for all sectors of the economy. The IEC owns and operates 17 power stations, employs over 11,000 workers and serves roughly 2.8 million people.

A2Z already has three pre-existing contracts with the IEC for the provision of various products and services. 

The new contract, announced today, covers additional services for systems that are not included in the first three contracts. As such, the new agreement has broadened the scope of services that A2Z delivers for the IEC.

The contract’s price will depend on IEC’s needs, and will therefore be on a variable-basis. A2Z estimates that its profit margin before tax will be approximately 30 per cent. 

IEC’s new contract with A2Z gives the technology company full exclusivity for two years, starting in March 2020. There is significant potential that A2Z will win subsequent future contracts with IEC during this time.

A2Z CEO, Bentsur Joseph, commented on the new deal.

“We are very proud of the further validation of A2Z’s business model, with this add-on contract with the national electric company of the State of Israel.

“Our list of triple A clients, such as the IEC, validates our knowhow, products, technology, and services. We will continue to work vigorously to expand the scope of our business and provide value for our shareholders,” he said.

A2Z Technologies (AZ) is up 1.45 per cent to C$0.70 per share, as of 12:27pm EST.

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