NEVE YARAK, Israel - N2OFF, Inc. (NASDAQ: NITO), a clean tech company known for its sustainable energy solutions and showing remarkable momentum with a 328% return in the past week according to InvestingPro data, announced today its strategic move into the European energy storage market with the signing of a binding letter of intent (LOI) with Solterra Ltd’s subsidiary, Soltera Brand Services Italy. The agreement, finalized today, involves the purchase and development of two large-scale Battery Storage Systems (BESS) in Sicily, Italy.
Each of the planned BESS systems will boast a capacity of 98MWp/392MWh. This development comes after the companies signed a non-binding term sheet on November 24, 2024, and subsequent positive due diligence results. The total investment for these projects is expected to reach up to €2.35 million, to be disbursed in milestones.
Upon completion of the projects, N2OFF will hold approximately 70% ownership, marking a significant step in its expansion into European markets. With a strong financial position including a current ratio of 6.52 and no debt on its balance sheet, as reported by InvestingPro, the company appears well-positioned for this expansion. These projects are part of a broader joint venture with Solterra Renewable Energy Ltd., focusing on the advancement of renewable energy and energy storage, which is increasingly crucial for grid flexibility as more renewable sources come online.
Italy’s energy landscape is adapting to support this transition, with the introduction of the MACSE scheme, which aims to facilitate energy storage capacity auctions in the first half of 2025 to ensure grid stability and support renewable energy integration.
The two BESS projects have already secured approval for connection capacity from Terna (BIT:TRN) SpA, the Italian transmission company, and the development phase is expected to last 18-24 months before reaching the Ready-to-Build stage.
Liran Giladi, chairman of Brand Group, expressed enthusiasm for the partnership with N2OFF, citing the rising demand for BESS as a value driver for shareholders of both entities. The collaboration combines Solterra Brand Services Italy’s expertise in Italian project development with N2OFF’s support, potentially leading to future expansion.
This news follows N2OFF’s recent entry into the solar PV market, with funding provided to Solterra Renewable Energy Ltd. for a project with a total capacity of 111 MWp, among potential future initiatives.
The information in this article is based on a press release statement from N2OFF, Inc. Analysts tracked by InvestingPro project revenue growth of 30.66% for FY2024, suggesting potential upside from these strategic initiatives. InvestingPro offers 12 additional investment tips and comprehensive financial analysis for N2OFF.
In other recent news, N2OFF, Inc. has been making significant strides in sustainable energy and agri-tech innovation. The company’s solar photovoltaic (PV) project in Germany has received crucial approval from the Melz Municipal Committee, marking a significant step towards the project’s anticipated ready-to-build status by the end of 2025. This development reflects N2OFF’s commitment to renewable energy initiatives, in collaboration with Solterra Renewable Energy Ltd.
The company has also secured approximately $1.5 million in gross proceeds through a private placement offering. Additionally, N2OFF has acquired a majority stake in Plantify Foods, Inc., settling an outstanding debt. This move is in line with the company’s strategic initiatives, including the potential spin-off of its cleantech operations and the acquisition of a computational drug discovery firm.
N2OFF’s subsidiary, Save Foods Ltd., has signed a non-binding letter of intent with GENSIS PM TDC, an Ethiopian federal entity, potentially generating significant revenue. This agreement aligns with the company’s focus on sustainable agriculture initiatives. Analysts from InvestingPro forecast a revenue growth of approximately 31% for the current year for N2OFF. These are recent developments and are subject to change.
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