N2OFF and Solterra Finalize Agreement for 196 MWp Battery Storage Projects in Italy

N2OFF and Solterra Announce the Closing of a Definitive Agreement to Develop 196 MWp Battery Storage Projects in Italy

Neve Yarak, Israel, Feb. 24, 2025 (GLOBE NEWSWIRE) — N2OFF, Inc. (FSE:80W) (“N2OFF” or the “Company”), a clean tech firm focused on sustainable energy solutions and innovations in agri-tech, has announced the closing of a definitive agreement with Solterra Renewable Energy Ltd.’s subsidiary, Soltera Brand Services Italy. This company specializes in the origination and development of renewable energy projects in Italy.

Under this agreement, N2OFF will engage in the purchase and development of two Battery Energy Storage Systems (BESS) in Sicily, Italy, each with a capacity of 98 MWp/392 MWh. The total investment for these projects is projected to be up to €2.3 million, which will be disbursed in milestones. N2OFF will retain a 70% ownership stake in these projects, further establishing its presence in the European energy storage market.

These initiatives are part of a broader joint venture between N2OFF and Solterra Renewable Energy Ltd., which is dedicated to advancing solar and energy storage projects. This collaboration embodies the companies’ shared vision of promoting renewable energy adoption and meeting the growing demand for energy storage solutions that enhance grid flexibility.

As more renewable projects come online, the demand for storage solutions is crucial for maintaining grid stability. According to DNV, a leading global consultancy firm, in their report on Energy Transition 2024, “as storage capacity surpasses 0.5% of grid capacity, the focus is transitioning from frequency-response management to broader applications such as price arbitrage or capacity provision, which increases the demand for longer-term storage projects.”

Italy has recently introduced the MACSE scheme, which is set to conduct its first energy storage capacity auctions in the first half of 2025. This scheme will offer 15-year contracts to incentivize the development of storage projects, aimed at supporting Italy’s transition to renewable energy while ensuring grid reliability.

The two BESS projects have already secured approval for connection capacity from Terna SpA, the Italian transmission company, which will be finalized concurrently with the closing of the transaction. The development timeline for these projects is anticipated to be 18-24 months until they reach the Ready-to-Build stage.

About N2OFF Inc.

N2OFF, Inc. (formerly known as Save Foods, Inc.) is a clean tech company devoted to sustainable energy solutions and agri-tech innovations. Through its operational activities, the company offers integrated solutions for sustainable energy, greenhouse gas emissions reduction, and safety quality measures for the agri-tech sector.

NTWO OFF Ltd., a majority-owned Israeli subsidiary of N2OFF, aims to combat greenhouse gas emissions by providing innovative solutions to mitigate nitrous oxide (N2O) emissions, a potent greenhouse gas with a global warming impact 310 times greater than that of carbon dioxide. NTWO OFF Ltd. promotes agricultural practices that are both environmentally sustainable and economically viable.

N2OFF has recently entered the solar photovoltaic market and will provide funding to Solterra Renewable Energy Ltd. for the current project, which has a total capacity of 111 MWp, as well as future projects. Save Foods Ltd., another majority-owned Israeli subsidiary of N2OFF, focuses on post-harvest treatments for fruits and vegetables to control and prevent pathogen contamination.

For more information about Save Foods Ltd. and NTWO OFF Ltd., please visit our website: www.n2off.com.

Forward-looking Statements

This press release contains forward-looking statements as defined by the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Terms such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions are meant to indicate forward-looking statements. These statements, which pertain to future events based on current expectations, are subject to various risks and uncertainties, including the success of the collaboration with Solterra, entry into future projects, and potential profitability in the solar PV sector. Actual results may differ materially from those projected in this release.

The forward-looking statements in this press release are also subject to additional risks, including market conditions and those discussed in the “Risk Factors” section of N2OFF’s Annual Report on Form 10-K filed with the SEC on April 1, 2024, as well as subsequent SEC filings. Except as required by law, N2OFF is under no obligation to publicly update any forward-looking statements after this date or to reflect unexpected events. Links to external websites are provided for convenience, and N2OFF is not responsible for the content of third-party websites.

Investor Relations Contact:

Michal Efraty
michal@efraty.com

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