N2OFF Inc Joins the EU PV Market: Investing in 111 MW Project in Germany
2024年8月22日 - 5:21AM
N2OFF, Inc. (NASDAQ: NITO) (FSE:80W) (“N2OFF” and the “Company”), a
clean tech company engaged in sustainable solutions for energy and
innovation for the agri- tech, entered its first EU PV market with
initial 111 MW project In Germany, as part on an agreement with
Solterra Renewable Energy Ltd. (“Solterra”) together with a number
of private investors (the “Investors”), to fund up to €8 million
solar PV (photovoltaic) projects, as previously announced on July
31, 2024. The first project which was agreed upon is planned in
Melz, Germany, with a total Capacity of 111 MWp (Megawatt peak) for
which the Company and Investors will loan an aggregate amount of
€2.08 million.
David Palach, N2OFF’s CEO, commented “We are
pleased to announce our entry in the solar energy sector with our
first project. Our goal is to create a reliable revenue stream by
financing projects carefully selected by the Solterra team, our
experts in the field. Based on recent market trends, we expect the
global demand for alternative energy solutions to continue growing
annually, as awareness of the need to create environmentally
friendly solutions to help preserve our planet increases. We
believe this to be a contributing factor to the attractive profit
margins in this sector. Subject to the right of first refusal
granted to us, we look forward to analyzing and investing in future
projects.”
Yair Harel, Solterra’s CEO, added, “Our goal is
to fully develop the Melz project and sell it at Ready-to-Build
(RTB) status. We see high demand in today’s markets for RTB
projects from multiple types of investors. Our cooperation with
N2OFF will allow us to bring multiple projects to fruition,
extracting substantial value from these projects for the benefit of
both companies’ investors.”
The project has been approved by the
municipality of Melz and additionally received attention for a
potential grid connection by a large regional energy service
provider in Germany.
Solterra was founded in 2022 by Eran Litvak and
Yair Harel, in the field of renewable energy. Each of the founders
is a veteran in the energy sector, with a track record of dozens of
successful projects. In addition, both founders are experienced
entrepreneurs and managers with over 20 years of proven experience
in identifying business opportunities, enhancing projects, and
maximizing value in both the energy and financial sectors.
Solterra is currently active in three primary
target markets: Italy, Poland, and Germany, managing a portfolio of
at various stages of Solar PV development with a total cumulative
capacity of approximately 300 megawatts. According to Precedence
Research, the global solar PV market was estimated at $150 billion
in 2022 and is predicted to hit over $383.78 billion by 2032 and
poised to grow at a CAGR of 9.90% during the forecast period from
2023 to 2032.
Pursuant to the Agreement, N2OFF and the
Investors will finance the project up to an aggregate of $2.2
million (approximately 2 million Euro) in order to assist the
project in reaching its goal of obtaining RTB status. The loan will
be given based on accomplished milestones, with an accrued interest
at a rate of 7% per annum and provide the Company and Investors
with up to 50% of the rights to the net earnings. Furthermore, the
Agreement also contemplates for a right of refusal in favor of the
company and the Investors, for additional project investments of up
to 6 million Euro.
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 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 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 and the
profitability of such industry. 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 Contacts: Michal Efratymichal@efraty.com
N2OFF (NASDAQ:NITO)
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