Accordingly SolterRA this consent demonstrates that the project meets the required safety standards for connection to the electricity grid and is currently aligned with the set schedule And Milestones
Neve Yarak, Israel, August 27, 2024 (GLOBE NEWSWIRE) — N2OFF, Inc. (NASDAQ: NITO) (FSE:80W) (“N2OFF” and the “Company”), a cleantech company focused on sustainable energy solutions and agricultural technology innovations, today announced that its joint venture with Solterra Renewable Energy Ltd. (“Solterra”) has received the necessary approval for the first photovoltaic project to be connected to the power grid of a regional energy service provider in Germany.
The project has been approved by the municipality of Melz, Germany, and is expected to deliver a total capacity of 111 MWp (megawatt peak).
Eran Litvak, Co-CEO of Solterra, commented: “In today’s rapidly evolving environment, securing a grid connection has become a critical factor in the potential success of a project. Such approval demonstrates that the project can be safely connected to the grid. Securing a grid connection with sufficient capacity to support the entire Melz project and within our planned timeframe is an important milestone for this project that has the potential to add to its value.”
David Palach, CEO of N2OFF, commented: “We are pleased with the timely progress of our first project in collaboration with Solterra. The reduction in the regulatory and operational risks of the project makes us feel good about our decision to work with the experienced team at Solterra.”
Solterra is currently active in three main target markets: Italy, Poland and Germany, and manages a portfolio in various stages of solar PV development with a total capacity of approximately 300 megawatts. Solterra was founded in 2022 by Eran Litvak and Yair Harel in the renewable energy space. Each of the founders is a veteran in the energy sector and has a track record of dozens of successful projects. In addition, both founders are experienced entrepreneurs and managers with over 20 years of proven experience in identifying business opportunities, improving projects and maximizing value in both the energy and financial sectors.
About N2OFF Inc:
N2OFF, Inc. (formerly known as Save Foods, Inc.) is a cleantech company engaged in sustainable energy solutions and agrotechnology innovations. Through its operational activities, it delivers integrated solutions for sustainable energy, greenhouse gas emission reduction and safety, and quality solutions to the agrotechnology market. NTWO OFF Ltd., the Israeli subsidiary majority owned by N2OFF, aims to contribute to combating greenhouse gas emissions and offers a solution to reduce nitrous oxide (N2O) emissions, a potent greenhouse gas with 310 times the global warming impact of carbon dioxide. NTWO OFF Ltd. is committed to promoting agricultural practices that are both environmentally friendly and economically viable. N2OFF recently entered the solar PV market and will finance Solterra Renewable Energy Ltd. for the current project with a total capacity of 111 MWp as well as future projects. Save Foods Ltd., the Israeli subsidiary in which N2OFF has a majority interest, focuses on post-harvest treatments on fruits and vegetables to control and prevent pathogen contamination. N2OFF also owns a minority interest in Plantify Foods, Inc., a TSXV-listed Canadian company that offers a wide range of healthy clean label foods. For more information on Save Foods Ltd. and NTWO OFF Ltd., please 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 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, receipt of necessary permitting and successful connection of the project to a power grid, our ability to successfully enter the solar PV sector and the profitability of this industry. 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 risks and uncertainties 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 of this press release or to reflect the occurrence of unanticipated events. References and links to websites have been provided for convenience, and the information contained on those websites is not incorporated by reference into this press release. We are not responsible for the content of any third party websites.
Contact for Investor Relations:
Michal Efraty
[email protected]
