N2OFF Completes $1.2 million of its $2.7 million Total Commitment to Finance 196MWp Battery Energy Storage Assets in Italy

Rhea-AI Summary

N2OFF (NASDAQ: NITO) has completed the second installment of a $2.7 million investment for two Battery Energy Storage Systems (BESS) in Sicily, Italy. The company has invested $1.2 million to date through its 70%-owned Italian subsidiary for the development of two 98MWp/392MWh BESS facilities.

The projects, with a combined capacity of 196 MWp, are estimated to be worth up to $13.5 million based on an industry valuation of $70,000 per MW. The BESS projects have received preliminary grid connection approvals from Terna SpA and are expected to achieve Ready-to-Build (RTB) status within 18-24 months.

Positive

• Potential valuation of $13.5 million for the BESS projects
• Secured preliminary grid connection approvals from Italy's transmission operator
• Strong growth potential in Italian solar market with projected 6.86% annual growth rate
• 70% ownership stake in the Italian subsidiary provides significant control

Negative

• Only $1.2 million invested out of $2.7 million total commitment
• 18-24 month timeline to achieve Ready-to-Build status indicates lengthy development period
• Additional funding of $1.5 million still needed to complete the investment

According to industry sources, “Ready to Build” battery storage projects of this capacity may yield up to $13.5 million

Neve Yarak, Israel, July 11, 2025 (GLOBE NEWSWIRE) -- Today, N2OFF, Inc.(NASDAQ: NITO) (FSE:80W) (“N2OFF” and the “Company”), a cleantech company investing in “Agrifood” Techs Solutions and sustainable energy solutions through Solar Energy assets based on the RTB (Ready to Build ) business model, announced completion of the second installment of a $2.7 million investment for financing and supporting the development of two Battery Energy Storage Systems ("BESS") in Sicily, Italy, each with a capacity of 98MWp/392MWh. To date, the Company has invested over $1.2 million in its 70% -owned Italian subsidiary.

The Company’s BESS projects in Italy are RTB assets, aiming to secure the necessary permits, grid connection agreements and land rights, priming them for future sale.

According to industry sources, these assets, with a combined capacity of approximately 196 MWp, are valuated at up to $13.5 million, based on an estimate of $70,000 per MW.

The two BESS projects in Sicily are designed to enhance grid stability by providing energy storage capacity for frequency regulation, energy arbitrage and capacity market participation. The projects have secured preliminary grid connection approvals from Terna SpA, Italy’s transmission system operator, and the Company believes it is on track to attain RTB status within 18-24 months.

“We continue to fund our Italian subsidiary and looking forward to achieve Ready-to-Build status,” said David Palach, CEO of N2OFF. “Our estimates are supported by 2024 data, and we believe the potential could be even higher, as Italy's solar market is experiencing strong growth fueled by government incentives and increasing public awareness to sustainability. Solar electricity generation is projected to reach 36.47 billion kWh in 2025, with an annual growth rate of 6.86% from 2025-2029 according to Statista and Italy aims for 52 GW of solar capacity by 2030 and 74.6% renewable electricity by 2050.”

About N2OFF Inc:

N2OFF, Inc. (formerly Save Foods, Inc.) is a cleantech company engaged in sustainable operations investing in solar assets and green “Agrifood” tech. Through its operational activities, it delivers integrated solutions for generating sustainable energy and providing safe and quality solutions for the “Agrifood” tech market. N2OFF recently entered the solar market, and we are funding various projects in the EU that were introduced by Solterra Renewable Energy Ltd. Save Foods Ltd., N2OFF's majority-owned Israeli subsidiary, focuses on post-harvest treatments for fruit and vegetables, intended to control and prevent pathogen contamination. For more information on Save Foods 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 Energy Ltd., 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 March 31, 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 Efraty
michal@efraty.com

FAQ

What is the total investment commitment of N2OFF (NITO) for the Italian BESS projects?

N2OFF has committed to a total investment of $2.7 million, of which $1.2 million has been invested to date in its 70%-owned Italian subsidiary.

What is the capacity and estimated value of N2OFF's Battery Storage projects in Sicily?

The two BESS projects have a combined capacity of 196 MWp (98MWp each) and are estimated to be worth up to $13.5 million based on an industry valuation of $70,000 per MW.

When will N2OFF's Italian BESS projects achieve Ready-to-Build status?

The company expects to achieve Ready-to-Build (RTB) status within 18-24 months, following preliminary grid connection approvals from Terna SpA.

What is the purpose of N2OFF's Battery Energy Storage Systems in Italy?

The BESS projects are designed to enhance grid stability by providing energy storage capacity for frequency regulation, energy arbitrage, and capacity market participation.

What are Italy's renewable energy targets according to the N2OFF announcement?

Italy aims to achieve 52 GW of solar capacity by 2030 and 74.6% renewable electricity by 2050, with solar electricity generation projected to reach 36.47 billion kWh in 2025.