N2OFF Ventures into Poland with New Energy Storage Project
N2OFF Ventures into Poland with New Energy Storage Project
N2OFF to finance a 35MW/140MWh Battery Energy Storage System in Poland
Neve Yarak, Israel – N2OFF, Inc. (NASDAQ: NITO) (FSE:80W), a leading clean technology firm focusing on sustainable solutions within the agri-tech sector, has announced an exciting new partnership that marks its entry into the Polish renewable energy landscape. Through a collaboration with Solterra, the company will be part of the financing arrangements for a significant Battery Energy Storage System (BESS) project, which is planned to be set at 35MW/140MWh.
This ambitious undertaking will greatly contribute to expanding Solterra’s capacity for large-scale energy storage across Europe. Realizing the importance of energy storage, N2OFF, along with other partners, will help facilitate initial financial commitments as outlined in a recently signed grid connection agreement. There are exciting plans ahead, including potential enhancements that would bolster the system's capacity to over 100MW/400MWh in future stages of development.
As Solterra’s fourth BESS project, this venture is not an isolated one; the company is actively engaged in additional projects that are currently progressing in other European markets, including Germany and Italy. Such expansion strategies illustrate Solterra’s dedication to advancing renewable energy initiatives across the continent.
N2OFF is significantly involved in this structured financing agreement, being one of four key players contributing funds for the project. The financial arrangement anticipates a return of funds tied to the sale of the project within an estimated timeframe of up to 30 months. Alongside the recovery of principal, lenders, including N2OFF, will stand to gain a share of the net profits derived from the endeavor, with N2OFF expected to receive 15% of the net profit realized.
"Entering the Polish market aligns perfectly with our strategy to broaden our horizons into high-potential renewable energy opportunities across various regions,” stated David Palach, CEO of N2OFF. "The necessity of grid-scale energy storage is paramount for the stability and sustainability of a low-carbon energy future. We are honored to assist in nurturing the development of such crucial infrastructure."
About N2OFF, Inc.
N2OFF, Inc., formerly recognized as Save Foods, Inc., is committed to delivering sustainable energy solutions and innovations in the agri-tech sector. The company engages in operational practices that not only promote environmental sustainability but also aim to reduce greenhouse gas emissions while ensuring safety and quality in the agri-tech field. Recently, N2OFF has also entered the solar photovoltaic sector, providing funding to its partner, Solterra Renewable Energy Ltd., for ongoing and future projects with a total capacity of 111 MWp. Additionally, Save Foods Ltd., N2OFF’s majority-owned Israeli subsidiary, specializes in post-harvest treatments for fruits and vegetables to combat pathogen contamination.
For more information about N2OFF and its initiatives, please visit our website at www.n2off.com.
Frequently Asked Questions
What is the significant project that N2OFF is involved in?
N2OFF is financing a 35MW/140MWh Battery Energy Storage System project in Poland, aimed at enhancing renewable energy storage capabilities.
Why is energy storage important for renewable energy?
Energy storage is crucial for enabling a stable and reliable energy supply, especially as renewable energy sources, like wind and solar, can be intermittent.
What is Solterra's role in this project?
Solterra is spearheading the Battery Energy Storage System project and is collaborating with N2OFF and other financiers to make this venture viable.
How does N2OFF plan to benefit from this investment?
Alongside the return of principal, N2OFF stands to gain 15% of the net profits from the project developed in Poland.
What other projects is N2OFF involved in besides the Polish venture?
N2OFF is also advancing in the solar photovoltaic market and is funding various initiatives through its subsidiary, Save Foods Ltd., maintaining a focus on sustainable practices.
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