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NEVE YARAK, Israel - N2OFF, Inc. (NASDAQ:NITO), a micro-cap clean tech company with a market capitalization of $6.95 million and revenue growth of 24.74% over the last twelve months, announced Monday plans to increase its investment in a 111 MWp solar photovoltaic project in Melz, Germany, to explore adding a 40-60 MWp battery energy storage system (BESS).
The Melz project received approval from the local municipal committee on December 31, 2024, to be included in its statutory plan, moving the project toward ready-to-build status by early 2026.
The proposed battery storage addition aims to enable the facility to store excess solar energy during peak production periods or purchase electricity at low prices, then release it during high-demand periods.
The Melz project is part of a collaboration between N2OFF and Solterra Renewable Energy Ltd., a wholly-owned subsidiary of Solterra Energy Ltd. This partnership includes other renewable energy projects across Europe, including two 98 MWp/392 MWh BESS facilities in Sicily, Italy, a 35MW/140MWh BESS project in Poland, and solar photovoltaic projects in Albania.
"We are excited to take this step toward enhancing the Melz solar project with advanced battery storage technology," said David Palach, CEO of N2OFF.
N2OFF, formerly known as Save Foods, Inc., describes itself as a clean tech company engaged in sustainable solutions for solar energy and innovation for agri-tech markets.
According to the company’s press release statement, the German battery energy storage systems market is projected to reach revenue of $2,271 million by 2030, with an annual growth rate of 30.7% from 2024 to 2030. While N2OFF’s stock has shown significant volatility, posting a 37.7% gain over the past six months, InvestingPro analysis reveals 8 additional key insights about the company’s performance and potential.
In other recent news, N2OFF, Inc. has secured a $3 million financing deal with YA II PN, Ltd., as part of a Standby Equity Purchase Agreement. This agreement provides the company with $1.5 million available within 60 days following a new SEC registration statement, with an additional $1.5 million accessible within 60 days after the statement’s effectiveness. Furthermore, N2OFF is participating in financing a 35MW Battery Energy Storage System project in Poland, marking a strategic move into the Polish renewable energy market. The company expects to receive a 15% share of the net profit from the project’s eventual sale. Additionally, N2OFF plans to invest €25,000 in a battery storage project in Melz, Germany, which will be co-located with a solar power plant.
In regulatory news, N2OFF has been notified by Nasdaq of non-compliance with the minimum bid price rule, giving the company until September 24, 2025, to regain compliance. The company also amended an investment agreement to raise the beneficial ownership cap from 4.99% to 9.99%, allowing investors to hold a larger stake. These developments reflect N2OFF’s ongoing efforts to enhance its financial position and expand its renewable energy initiatives.
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