MELZ, GERMANY - N2OFF, Inc. (NASDAQ: NITO), a clean tech company with interests in sustainable energy and agri-tech innovation currently trading at $0.25 with a market capitalization of $2.83 million, has announced a significant progression in its solar photovoltaic (PV) project. The Melz Municipal Committee has approved the submission of the statutory plan for the 111 MWp solar PV facility, a crucial step toward achieving ready-to-build status, anticipated by the end of 2025. According to InvestingPro data, the company maintains a strong financial position with no debt and a healthy current ratio of 6.52, positioning it well for this expansion.
The approval, granted on December 31, 2024, follows a comprehensive review of the project’s environmental and planning impacts. This development marks N2OFF’s first foray into the renewable energy sector and represents the company’s commitment to supporting sustainable energy initiatives. The Melz project is part of a strategic joint venture with Solterra Renewable Energy Ltd., aimed at expediting the development of renewable energy facilities across Europe.
David Palach, CEO of N2OFF, highlighted the milestone as a reflection of the effective collaboration with Solterra and the shared goal of fostering clean energy and environmental sustainability. InvestingPro analysis suggests promising prospects, with analysts forecasting revenue growth of over 30% for the current year. Subscribers can access 8 additional key insights about N2OFF’s financial health and growth potential. The company has provided financial assistance to Solterra, including a recent loan installment of €470,000, as part of a total €2 million commitment to the project.
Solterra, founded in 2022 by renewable energy experts Eran Litvak and Yair Harel, is dedicated to creating renewable energy facilities with a portfolio capacity of around 300 MW in Germany, Italy, and Poland. N2OFF’s involvement with Solterra signifies a strategic expansion into the solar PV market, supplementing its existing agri-tech solutions aimed at reducing greenhouse gas emissions.
N2OFF, previously known as Save Foods, Inc., continues to operate through its majority-owned subsidiaries, NTWO OFF Ltd. and Save Foods Ltd., focusing on sustainable energy solutions and post-harvest treatments in the agricultural sector, respectively. Additionally, N2OFF holds a minority stake in Plantify Foods, Inc., a Canadian company offering clean-label healthy food options.
This press release includes forward-looking statements subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated. Based on InvestingPro’s Fair Value analysis, N2OFF currently appears undervalued, though investors should conduct thorough due diligence given the company’s development stage status. N2OFF has disclosed these forward-looking statements in compliance with the Federal securities laws and does not undertake any obligation to update them in light of new information or future events.
The information reported is based on a press release statement from N2OFF, Inc.
In other recent news, N2OFF, Inc. has secured approximately $1.5 million in gross proceeds through a private placement offering. The company also acquired a majority stake in Plantify Foods, Inc., effectively settling an outstanding debt. In addition, N2OFF’s subsidiary, Save Foods Ltd., signed a non-binding letter of intent with GENSIS PM TDC, an Ethiopian federal entity, potentially generating significant revenue.
The company has also announced strategic initiatives, including the potential spin-off of its cleantech operations and the acquisition of a computational drug discovery firm. N2OFF secured a €6 million credit line and issued shares to key executives and an investor. Furthermore, the company partnered with Solterra Renewable Energy Ltd. on a solar PV project in Melz, Germany, committing a loan of €2.08 million to the project.
These recent developments reflect the company’s efforts to bolster its capital structure and support its business operations. Analysts forecast a revenue growth of approximately 31% for the current year, according to InvestingPro. Please note that these are recent developments and are subject to change.
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