In an attempt to do this quietly and quietly, and hoping that it will pass quietly in the market, the Ogwind company reported yesterday about three and a half hours after the close of trading that the negotiations with the Electric Company regarding the establishment of a storage project in Dimona had ended.
The announcement is abysmal and critical, it actually questions and calls into question the capabilities of the company and its technology, as written in the report: “Until the parameters required for the execution of the project have been proven, it does not intend to continue promoting the aforementioned project.”
Ogwind slightly “sweetens” its message to the stock exchange by saying that an electricity company would be happy to continue cooperation while making improvements, with the utmost importance in the development of storage technology. The company also added that it will continue with its technological development plans in order to reach parameters that will meet the requirements of the Israel Electric Company, as well as customers in Israel and around the world.
Back in April we wrote on the sponsor website that an interested party exercised options very deep in the money and actually sold at low levels that today look very high with a drop of about 23% during trading to a new seasonal low. With a value of NIS 172 million and with a failure in programming the technology, it seems that the company can definitely reach the end of its path. It will be very interesting to read the quarterly report which will of course arrive at the “time of injuries”, at the end of the report season and it will be even more interesting to hear the explanations of the company’s managers in the conference call on 9/5/22 at 11:00.