N2OFF Energy Targets European's Energy Crises with Fourth Regional Battery Project
N2OFF to take part in financing a 35MW/140MWh planned Battery Energy Storage System project in Poland
Neve Yarak, Israel, May 15, 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, recently announced its entry into the Polish renewable energy market by participating in the financing of a Battery Energy Storage System (BESS) project in Poland.
The project, currently planned at 35MW/140MWh, represents a significant step in expanding Solterra's large-scale energy storage solutions in the region. N2OFF, along with other lenders, will assist with financing an initial payment under a signed grid connection agreement. Future development plans include applying for an increase in capacity to more than 100MW/400MWh.
According to World Economic Forum, the blackouts across Spain and Portugal have led to calls for governments to invest in resilient electricity systems as the energy transition progresses. Late last month, the countries suffered a power outage that lasted for many hours, grounding planes, halting public transport and forcing hospitals to suspend operations. The outage highlighted how every area of modern society can be affected if power drops.
The root cause of the incident remains unknown, but Spain lost around 60% of its power generation - and it took 23 hours until its grid was declared back to normal capacity
This is Solterra's fourth BESS development project and Solterra is engaged in additional later stages projects in Germany and Italy.
N2OFF is one of four parties providing financing under a structured agreement, with the funds currently expected to be repaid upon the sale of the project within a period of up to 30 months. In addition to the return of principal, each lender will be entitled to a portion of the net profits based on their participation. N2OFF's share is 15% of the net profit realized from the transaction.
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. 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 Efraty
[email protected]
