N2OFF advances European solar and energy storage projects

NEVE YARAK, ISRAEL - N2OFF, Inc. (NASDAQ:NITO), a micro-cap renewable energy company currently valued at $6.7 million, reported progress on several renewable energy projects across Europe, according to a company press release issued Thursday. According to InvestingPro analysis, while the company maintains strong liquidity with more cash than debt, its overall financial health score remains weak.

The cleantech company, which invests in solar energy assets using the Ready to Build (RTB) business model, highlighted developments in three key projects through its partnership with Solterra Renewable Energy Ltd. Despite posting 29% revenue growth in the last twelve months, the company remains unprofitable, as revealed by InvestingPro data.

In Germany, N2OFF’s 115 MWp Melz solar photovoltaic project received approval from the Melz Municipal Committee for its statutory plan on December 31, 2024. The project has entered the final hearing process before achieving RTB status, targeted for 2026, and has secured grid connection through regional electricity operator E.dis. N2OFF provided funding of €600,000 to support the integration of a 107 MW/214 MWh battery energy storage system.

In Italy, the company holds a 70% stake in two Battery Energy Storage Systems projects in Sicily, each with 98 MWp/392 MWh capacity. Both projects have secured connection capacity approval from Terna SpA, Italy’s transmission system operator, and are expected to reach RTB status by mid-2027.

N2OFF’s joint venture with Solterra, established in 2024, aims to develop approximately 300 MW of renewable energy capacity across Germany and Italy, with additional projects planned elsewhere in Europe.

The company’s €600,000 debt financing for the Melz battery integration includes a 7% annual interest rate and 25% profit-sharing agreement after loan repayment.

N2OFF also controls approximately 98% of Save Foods Ltd., an Israeli company focused on post-harvest treatments for fruits and vegetables.

In other recent news, N2OFF, Inc. has completed the second installment of a $2.7 million investment for developing two Battery Energy Storage Systems (BESS) in Sicily, Italy. To date, the company has invested over $1.2 million in its 70%-owned Italian subsidiary, focusing on projects with a combined capacity of approximately 196 MWp. Additionally, N2OFF entered into a loan agreement with MitoCareX Bio Ltd. and L.I.A. Pure Capital Ltd., providing a $372,000 loan to MitoCareX Bio. The loan features a six-month term with an interest rate based on the U.S. dollar exchange rate fluctuation plus 3%. L.I.A. Pure Capital Ltd. has guaranteed the repayment of this loan. These recent developments reflect N2OFF’s ongoing financial activities and strategic investments.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.