N2OFF Inc. and Solterra Announce Potential to Increase Capacity in Solar PV Joint Venture Project
2024年9月12日 - 5:05AM
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, released today an update regarding
its Solar PV Joint Venture Project with Solterra Renewable Energy
Ltd. (“Solterra”). Following receiving the required approval to
connect to the power grid of a regional energy service provider in
Meltz, Germany, Solterra sent the Company an additional report that
indicates possible avenues to potentially increase the project’s
value.
The current project design requires a grid
connection of 97 MW to deliver an aggregate capacity of 111 MWp.
The approved grid connection capacity exceeds such requirement by
approximately 10%, providing two potential pathways to maximize the
value: (i) increasing the project’s capacity by up to 10%; or (ii)
incorporating battery storage solutions.
The Company and Solterra are currently examining
both potential pathways in hopes of determining which could enhance
the project's overall efficiency and profitability.
While further examination is required to assess
the viability of these pathways and to determine which could be
more profitable, we believe the increased capacity adds significant
potential value to the project, even if these pathways are not
immediately pursued. Such potential includes a higher overall
valuation of the project in the event it is sold.
David Palach, N2OFF’s CEO, added "We are excited
by the possible potential this additional grid capacity could
provide. We are committed to exploring these options to increase
the project value and will continue in our efforts to maximize this
opportunity.”
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 the 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 Contacts: Michal Efratymichal@efraty.com
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