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NEVE YARAK, Israel - N2OFF, Inc. (NASDAQ: NITO) (FSE:80W), a company specializing in clean technology and agri-tech innovation, has announced its participation in financing a Battery Energy Storage System (BESS) project in Poland. The project, with a planned capacity of 35MW/140MWh, marks Solterra’s entry into the Polish renewable energy market and represents a strategic expansion of its large-scale energy storage solutions in Europe. According to InvestingPro data, N2OFF maintains a strong liquidity position with a current ratio of 3.82 and holds more cash than debt on its balance sheet, suggesting financial flexibility for such strategic investments.
The financing will contribute to an initial payment under a signed grid connection agreement for the BESS project. N2OFF is one of four parties involved in the structured financing agreement, with the expectation that funds will be repaid upon the project’s sale within 30 months. The company is set to receive a 15% share of the net profit from the transaction. With a market capitalization of $6.77 million, this micro-cap company has shown remarkable momentum, posting a 34.28% return in the past week alone. InvestingPro subscribers can access 12 additional investment tips and comprehensive financial metrics to evaluate this emerging clean technology player.
This project in Poland is Solterra’s fourth BESS development and complements its ongoing projects in Germany and Italy. With future plans to apply for a capacity increase to over 100MW/400MWh, the project signifies a considerable boost to the region’s renewable energy infrastructure.
David Palach, CEO of N2OFF, emphasized the importance of grid-scale energy storage for a stable and low-carbon energy future, expressing pride in supporting such early-stage development.
N2OFF, formerly known as Save Foods, Inc., has recently entered the solar PV market, providing funding to Solterra Renewable Energy Ltd. for this and potentially future projects, with a current total capacity of 111 MWp.
The information in this article is based on a press release statement from N2OFF, Inc. The company’s forward-looking statements indicate plans for collaboration with Solterra, entry into additional projects, and successful expansion into the solar PV sector. However, these statements are subject to risks, uncertainties, and market conditions that could affect the actual results, performance, or achievements of N2OFF.
In other recent news, N2OFF Inc. has announced plans to invest an additional €25,000 in a battery energy storage system project in Melz, Germany. This project is set to be co-located with a 111 MWp solar power plant, aiming to enhance grid efficiency and reduce infrastructure costs. Meanwhile, N2OFF has received a notification from Nasdaq regarding non-compliance with the minimum bid price rule, as its stock has closed below $1.00 for 30 consecutive business days. The company has been granted a 180-day period to regain compliance, with a possible extension if needed.
Additionally, N2OFF has amended its investment terms, raising the ownership cap for certain investors from 4.99% to 9.99%. This change is part of a Securities Purchase Agreement and associated Warrants initially entered into in December 2024. In another development, N2OFF has extended a $250,000 loan to MitoCareX Bio Ltd., which follows a previous loan of the same amount. This financial support is intended to assist MitoCareX with ongoing costs in anticipation of a pending securities transaction.
Furthermore, N2OFF has launched a new subsidiary, NITO Renewable Energy, Inc., to manage its solar energy projects. This subsidiary will oversee solar photovoltaic operations, including projects in Germany and Italy, and a co-development agreement in Albania. These strategic moves highlight N2OFF’s ongoing efforts to expand its presence in the renewable energy sector.
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