N2OFF and Solterra Brand Services Italy executed an agreement

N2OFF will hold around 70% of the shares in the projects, thereby further strengthening its presence in the European energy storage market

Neve Yarak, Israel, Jan. 3, 2025 (GLOBE NEWSWIRE) — N2OFF, Inc.\ (NASDAQ: NITO) (FSE:80W) (“N2OFF” and the “Company”), a clean technology company engaged in sustainable solutions for energy and innovation for agricultural technology, today announced that on January 3, 2025 it has entered into a binding memorandum of understanding with Solterra Ltd.’s subsidiary, Soltera, has signed Brand Services Italy (“SBSI”), a company specializing in the creation and development of renewable energy projects in Italy (“Solterra Italy”). Under the terms of the LOI, the projects include the purchase and development of two battery storage systems (“BESS”) in Sicily, each with a capacity of 98 MWp/392 MWh.

The binding term sheet was signed following a non-binding TS signed by the parties on November 24, 2024 and after Solterra Ltd reported positive DD results. The TS sets the framework for the acquisition and development of the projects, with a total investment of up to 2.35 million euros, which is paid out in milestones. Upon completion, N2OFF will hold approximately 70% ownership of the projects, further solidifying its entry into the European energy storage market.

These projects are part of the broader joint venture between N2OFF and Solterra Renewable Energy Ltd. focused on solar and energy storage initiatives. The collaboration reflects the companies’ shared vision to advance renewable energy adoption and meet increasing demand for energy storage solutions to improve grid flexibility.

As more and more renewable projects come online, the storage market is in demand and critical to grid flexibility. According to DNV (https://www.dnv.com/), a leading global consulting firm, writes in its Energy Transition 2024 report: “As storage capacity exceeds 0.5% of grid capacity, the focus is shifting from frequency response management to broader applications such as price arbitrage or capacity provisioning, increasing demand for longer-term storage projects “. Italy recently launched the MACSE system. MACSE currently plans to hold its first energy storage capacity auctions in the first half of 2025 and 15-year contracts to provide incentives for the development of storage projects. This mechanism is intended to support Italy’s transition to renewable energy by ensuring the stability and reliability of the grid.

The current 2 BESS projects have already received approval for connection capacity from Terna SpA (the Italian transmission company), which will be secured concurrently with the closing of the transaction. It is currently expected that the development of these projects will take 18 to 24 months to reach the construction stage.

Liran Giladi, Chairman of Brand Group (Partner at SBSI), remarked: “I look forward to our partnership with N2OFF on these projects. We believe that the BESS market is on the rise and that this joint venture can bring added value to the shareholders of both companies.” “Solterra Brand Services Italy has extensive experience in project development in Italy and we believe that with the support N2OFF will be a fruitful collaboration that can even be expanded in the future.”

About N2OFF Inc:

N2OFF, Inc. (formerly known as Save Foods, Inc.) is a clean technology company engaged in sustainable energy solutions and agricultural technology innovations. Through its operational activities, it delivers integrated sustainable energy, greenhouse gas emissions reduction and safety, and quality solutions to the agricultural technology market. NTWO OFF Ltd., the majority-owned Israeli subsidiary of N2OFF, aims to help combat greenhouse gas emissions and offers a groundbreaking solution to reduce nitrous oxide (N₂O) emissions, a powerful greenhouse gas with 310 times more impact on global warming than carbon dioxide. Goal of NTWO OFF Ltd. is to promote agricultural practices that are both environmentally friendly and economical. N2OFF recently entered the solar PV market and will become Solterra Renewable Energy Ltd. Provide financing for the current project with a total capacity of 111 MWp as well as for potential future projects. Save Foods Ltd., N2OFF’s majority-owned Israeli subsidiary, focuses on post-harvest treatments of fruits and vegetables to control and prevent pathogen contamination. N2OFF also holds a minority interest in Plantify Foods, Inc., a TSXV-listed Canadian company offering a wide range of clean label healthy foods. Further information about Save Foods Ltd. and NTWO OFF Ltd. can be found on 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 “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements relate to 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 Profitability of this industry and the potential added value of increased capacity. Actual results, performance or achievements may differ materially from those described or implied 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 and those discussed under the heading “Risk Factors” in N2OFF’s Annual Report on Form 10-K filed with the SEC in April 1 . 2024 and in all 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 are provided for your convenience and the information contained on those websites is not incorporated by reference into this press release. We assume no responsibility for the content of external websites.

Investor Relations Contact:
Michal Efraty
[email protected]