N2OFF Establishes a US Subsidiary for Its Solar PV Operations
03 Marzo 2025 - 2:45PM
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 the establishment of a
new wholly-owned US subsidiary, NITO Renewable Energy, Inc., that
is registered in Nevada. The new entity will focus and consolidate
the Company’s current and future Solar PV activities.
The Company is currently invested in 3 projects
in two countries in Europe.
Germany: The joint venture is
developing a 111 MWp solar photovoltaic (PV) project in Melz,
Germany. This project has secured municipal approval and an
indicative grid connection solution from a regional energy service
provider. Notably, the approved grid connection capacity exceeds
initial requirements by approximately 10%, presenting opportunities
to either increase the project's capacity or integrate battery
storage solutions. The project is currently progressing through the
development phase.
Italy: N2OFF and Solterra's
subsidiary, Solterra Brand Services Italy, closed a definitive
agreement to develop two Battery Energy Storage Systems (BESS) in
Sicily, each with a capacity of 98 MWp/392 MWh. These projects have
received approval for connection capacity from Terna SpA, Italy's
transmission system operator. Development is expected to take 18-24
months to reach a Ready-to-Build stage.
In addition, N2OFF and Solterra Energy
Ltd. joined forces to exclusively co-develop the Solar PV market in
Albania.
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
Registration Statement on Form S-1/A filed with the SEC on February
14, 2025, 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 Efratymichal@efraty.com
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