N2OFF and Solterra Join Forces to Exclusively Co-Develop the Solar PV Market in Albania

Rhea-AI Summary

N2OFF Inc. (NASDAQ: NITO) has signed a binding term sheet with Solterra Energy for exclusive collaboration on renewable energy projects in Albania for one year, focusing on solar energy and battery storage. This follows a trilateral agreement between Italy, Albania, and UAE to develop renewable energy in Albania, valued at approximately €1 billion.

Under the agreement, both parties will present potential projects, with Solterra conducting feasibility analyses. Upon mutual approval, Solterra will handle project development, while N2OFF will oversee financing. The companies are already collaborating on projects in Germany and Italy:

• In Germany: Developing a 111 MWp solar PV project in Melz with secured municipal approval and grid connection
• In Italy: Developing two Battery Energy Storage Systems in Sicily (98 MWp/392 MWh each) with approved connection capacity from Terna SpA

Positive

• Secured exclusive rights for renewable energy projects in Albania
• Part of a larger €1 billion trilateral agreement between Italy, Albania, and UAE
• Existing 111 MWp solar project in Germany with municipal approval
• Two approved 98 MWp/392 MWh battery storage projects in Sicily

Negative

• Development timeline of 18-24 months for Italian projects indicates delayed revenue generation
• Agreement subject to multiple conditions and approvals
• one-year exclusivity period for Albanian market

This new collaboration was driven by the successful fast tracking of joint projects in Germany and Italy follows the recently signed three-way clean energy cooperation agreement between Italy, Albania, and the United Arab Emirates

Neve Yarak, Israel, Jan. 23, 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 it has signed a binding term sheet with Solterra Energy Ltd. ("Solterra") to collaborate exclusively on renewable energy projects in Albania for one year, focusing primarily on solar energy and battery storage. Under this agreement, The parties will look to present potential Projects, introduced through their local relationships, while Solterra will conduct feasibility analyses. If the analyses yield positive results and both parties approve, Solterra will handle project development, and Nito will oversee financing, either directly or through a financing partner.

Early this month, Italy, Albania, and the United Arab Emirates have entered into a trilateral agreement to develop renewable energy projects in Albania, focusing on solar and wind power. The UAE will leverage its expertise to produce clean energy in Albania, with a portion of the generated power transmitted to Italy via an underwater cable. Albanian Prime Minister, estimates the deal's value at approximately €1 billion. Albania has been working to increase its renewable energy capacity, upping generation by around 500 MW in the last two years.

N2OFF Inc. and Solterra have initiated significant renewable energy projects in Germany and Italy. These collaborations underscore N2OFF and Solterra's commitment to advancing renewable energy infrastructure 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, have signed a binding Letter of Intent 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.

This collaboration is subject to several conditions, including mutual agreement on development and financing terms, corporate approvals, and compliance with applicable laws.

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

FAQ

What is the size of N2OFF's (NITO) solar project in Melz, Germany?

N2OFF's solar PV project in Melz, Germany, has a capacity of 111 MWp and has secured both municipal approval and grid connection solution.

What is the capacity of N2OFF's (NITO) battery storage projects in Sicily?

N2OFF is developing two Battery Energy Storage Systems in Sicily, each with a capacity of 98 MWp/392 MWh.

What is the value of the trilateral renewable energy agreement involving N2OFF (NITO) in Albania?

The trilateral agreement between Italy, Albania, and UAE for renewable energy development in Albania is valued at approximately €1 billion.

How long will N2OFF's (NITO) exclusive collaboration with Solterra in Albania last?

The exclusive collaboration between N2OFF and Solterra in Albania is set for one year.

What is the expected development timeline for N2OFF's (NITO) Italian battery storage projects?

The development of the battery storage projects in Italy is expected to take 18-24 months to reach Ready-to-Build stage.