N2OFF Inc Expands into EU with 111 MW Solar Project
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N2OFF Inc Expands into the EU PV Market
N2OFF Inc. (NASDAQ: NITO) (FSE:80W), a clean tech company focused on sustainable energy solutions, is making strides in the European photovoltaic (PV) market. The company has entered into an agreement with Solterra Renewable Energy Ltd. to invest in an innovative solar project in Germany, showcasing its commitment to clean energy initiatives.
Investment Overview
The planned solar PV project in Melz, Germany, will have a total capacity of 111 MWp (Megawatt peak). N2OFF, alongside a coalition of private investors, is poised to inject up to €8 million into this endeavor. This investment demonstrates N2OFF's strategic approach towards expanding its renewable energy portfolio while fostering sustainable practices across its operational territories.
Initial Project Funding
The first initiative within this agreement involves an aggregate loan of €2.08 million from N2OFF and its investors, which will help facilitate the project towards receiving Ready-to-Build (RTB) status. With favorable municipal approvals and a potential grid connection solution already in place by a renowned regional energy service provider, the project is on a solid path forward.
Comments from Leadership
David Palach, CEO of N2OFF, expressed enthusiasm regarding the company's venture into solar energy. He stated, "We are pleased to announce our entry in the solar energy sector with our first project. Our goal is to create a reliable revenue stream by financing projects carefully selected by the Solterra team." He continued by emphasizing the growing global demand for alternative energy solutions and how N2OFF aims to position itself favorably within this expanding market.
Collaboration with Solterra Renewable Energy
Yair Harel, CEO of Solterra, highlighted their joint aim to enhance the Melz project, aiming for high investor demand for RTB projects. The collaboration with N2OFF enables the exploration of further projects, promising significant returns for stakeholders and aligning with the companies' shared commitments to renewable energy initiatives.
Market Potential and Future Outlook
As the global PV market is estimated at $150 billion and projected to grow substantially in the coming years, N2OFF is strategically positioned to capitalize on this trend. With a compound annual growth rate (CAGR) of 9.90% forecasted until 2032, this collaboration is timely. Pursuing the outlined investment strategy, N2OFF and its investors can optimize their roles in the burgeoning renewable energy landscape.
Potential Additional Investments
Under the terms of the investment agreement, N2OFF and its investors have additional opportunities to contribute up to €6 million towards more projects in the future. This flexibility allows the company to explore multiple avenues for growth while adhering to its sustainable objectives.
About N2OFF Inc.
N2OFF Inc., formerly Save Foods, Inc., is dedicated to advancing clean technologies with a strong emphasis on sustainable energy solutions. Through its operational activities, the company addresses issues surrounding greenhouse gas emissions and quality management in agri-tech. N2OFF's Israeli subsidiary, NTWO OFF Ltd., plays a critical role by providing specialized solutions aimed at mitigating nitrous oxide emissions — a potent greenhouse gas. Furthermore, Save Foods Ltd., another subsidiary, focuses on innovative treatments in fruit and vegetable post-harvest processes.
Investor Relations Contact
For those interested in learning more about N2OFF's initiatives, Investor Relations can be reached via Michal Efraty at michal@efraty.com.
Frequently Asked Questions
What is the main focus of N2OFF Inc.?
N2OFF Inc. focuses on sustainable energy solutions and innovative technologies aimed at reducing greenhouse gas emissions.
What is the capacity of the solar project in Germany?
The solar project in Germany has a planned capacity of 111 MWp (Megawatt peak).
Who is N2OFF's partner for the solar project?
N2OFF is collaborating with Solterra Renewable Energy Ltd. for the development of the solar project.
What investment amount is involved in the solar project?
N2OFF and its investors are set to invest up to €8 million in the solar PV projects.
How does N2OFF aim to impact the renewable energy market?
N2OFF aims to create reliable revenue streams and contribute to the growing demand for alternative energy solutions.
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