N2OFF will hold approximately 70% ownership in the projects, further enhancing its presence in the European energy storage market
Neve Yarak, Israel, Jan. 03, 2025 (GLOBE NEWSWIRE) -- N2OFF, Inc.\ (NASDAQ: NITO) (FSE:80W) ("N2OFF" and the "Company"), a clean tech company engaged in sustainable solutions for energy and innovation for agri- tech, announced today that on January 3 2025 it has signed a binding LOI with Solterra Ltd's subsidiary,Soltera Brand Services Italy ("SBSI"), a company that specializes in the origination and development of renewable energy projects in Italy ("Solterra Italy"). According to the terms of the LOI the Projects will include the purchase and development of 2 Battery Storage ("BESS") systems in Sicily, each with a capacity of 98MWp/392MWh.
The binding term sheet was executed following a none binding TS executed by the parties in November 24 2024 and after Solterra Ltd reported positive DD results. The TS outlines the framework for the purchase and development of the projects, with a total investment of up to €2.35 million, to be paid in milestones. Upon completion, N2OFF will hold approximately 70% ownership in the projects, further solidifying its entry into the European energy storage market.
These projects are part of the broader joint venture between N2OFF and Solterra Renewable Energy Ltd., which focuses on solar and energy storage initiatives. The collaboration reflects the companies' shared vision of advancing renewable energy adoption and addressing the increasing demand for energy storage solutions to enhance grid flexibility.
As more renewable projects are coming online, the storage market is in demand and is crucial for grid flexibility. According to DNV (https://www.dnv.com/) a global leading consultancy firm,in their report on Energy Transition 2024, "as storage capacity surpasses 0.5% of grid capacity, the focus is transitioning from frequency-response management to broader applications such as price arbitrage or capacity provision, which increases the demand for longer term storage projects". Italy has recently introduced the MACSE scheme. MACSE currently plans to conduct its first energy storage capacity auctions in the first half of 2025, offering 15-year contracts to incentivize the development of storage projects. This mechanism is designed to support Italy's transition to renewable energy by ensuring grid stability and reliability.
The current 2 BESS projects have already received approval for the connection capacity from Terna SpA (the Italian transmission company), which will be secured simultaneously with the closing of the transaction. The development is currently expected to take 18-24 months for these projects to reach a Ready-to-Build stage.
Liran Giladi, chairman of Brand Group (Partner in SBSI) remarked " I am looking forward to our partnership with N2OFF on these projects. We believe that the BESS market is on the rise and that this joint venture may bring value to the shareholders of both entities. Solterra Brand Services Italy has extensive experience in project development in Italy, and with the support of N2OFF we believe this will be a fruitful collaboration which may even expand in the future".
About N2OFF Inc:
N2OFF, Inc. (formerly known as Save Foods, Inc.) is a clean tech company engaged in sustainable solutions for energy and innovation for agri- tech. Through its operational activities it delivers integrated solutions for sustainable energy, greenhouse gas emissions reduction and safety, quality solutions for the agri- tech market. NTWO OFF Ltd., N2OFF's majority-owned Israeli subsidiary, aims to contribute in tackling greenhouse gas emissions, offering a pioneering solution to mitigate nitrous oxide (N2O) emissions, a potent greenhouse gas with 310 times the global warming impact of carbon dioxide. NTWO OFF Ltd., aims to promote agricultural practices that are both environmentally friendly and economically viable. N2OFF recently entered the solar PV market and will provide funding to Solterra Renewable Energy Ltd. for the current project in the total Capacity of 111 MWp, as well as potential future projects. Save Foods Ltd., N2OFF's majority-owned Israeli subsidiary, focuses on post-harvest treatments in fruit and vegetables to control and prevent pathogen contamination. N2OFF also has a minority ownership in Plantify Foods, Inc., a Canadian company listed on the TSXV that offers a wide range of clean-label healthy food options. For more information on Save Foods Ltd. and NTWO OFF Ltd. visit our website: www.n2off.com.
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on our current expectations, they are subject to various risks and uncertainties including the success of our collaboration with Solterra, entry into future projects, our ability to successfully enter the solar PV sector, the profitability of such industry, and the potential added value of the increased capacity. Actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions as well as those discussed under the heading "Risk Factors" in N2OFF's Annual Report on Form 10-K filed with the SEC on April 1, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the contents of third-party websites.
Investor Relations Contact:
Michal Efraty
michal@efraty.com
