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NEVE YARAK, Israel - N2OFF, Inc. (NASDAQ:NITO) announced on Friday the completion of the second installment of a $2.7 million investment for the development of two Battery Energy Storage Systems (BESS) in Sicily, Italy. The micro-cap company, currently valued at $6.55 million, maintains a healthy balance sheet with more cash than debt, according to InvestingPro data.
The cleantech company has invested over $1.2 million to date in its 70%-owned Italian subsidiary. The two BESS projects each have a capacity of 98MWp/392MWh, for a combined capacity of approximately 196 MWp.
According to the company, the projects have secured preliminary grid connection approvals from Terna SpA, Italy’s transmission system operator. N2OFF expects the projects to achieve Ready-to-Build (RTB) status within 18-24 months.
The BESS projects are designed to enhance grid stability by providing energy storage capacity for frequency regulation, energy arbitrage, and capacity market participation.
"We continue to fund our Italian subsidiary and looking forward to achieve Ready-to-Build status," said David Palach, CEO of N2OFF, in the press release.
The company stated that industry sources value RTB battery storage projects of this capacity at up to $13.5 million, based on an estimate of $70,000 per MW.
N2OFF, formerly known as Save Foods, Inc., describes itself as a cleantech company investing in sustainable energy solutions and Agrifood tech. The company recently entered the solar market and is funding various projects in the European Union. While the stock has experienced significant volatility, trading at $0.25 and showing a -83% return over the past six months, InvestingPro subscribers have access to 8 additional investment tips and comprehensive financial analysis to better evaluate the company’s potential.
This article is based on information from a company press release.
In other recent news, N2OFF, Inc. has announced plans to enhance its 111 MWp solar photovoltaic project in Melz, Germany, by exploring the addition of a 40-60 MWp battery energy storage system (BESS). This move is part of a broader collaboration with Solterra Renewable Energy Ltd., which includes several renewable energy projects across Europe. In a separate development, N2OFF has secured a $3 million financing deal with YA II PN, Ltd., which will strengthen its financial position. The financing agreement includes the issuance of promissory notes with a 12-month maturity and an 8% annual interest rate, along with the issuance of 675,675 Commitment Shares to the investor.
Additionally, N2OFF is participating in financing a 35MW/140MWh BESS project in Poland, marking Solterra’s entry into the Polish renewable energy market. This project is part of Solterra’s strategic expansion of large-scale energy storage solutions in Europe. N2OFF is one of four parties involved in the structured financing agreement for the Polish project, which aims to repay funds upon the project’s sale within 30 months. These developments illustrate N2OFF’s ongoing efforts to expand its renewable energy footprint and financial capabilities.
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